RismadarVoice Reporters
August 3, 2026
The National Economic Council (NEC) has approved the refinancing of the $3.3 billion Project Gazelle Pre-Export Finance Facility with a new $4.5 billion arrangement aimed at unlocking fresh liquidity, strengthening Nigeria’s external reserves and supporting key fiscal and infrastructure priorities.
The approval was granted during the 159th meeting of the Council held virtually on Monday and chaired by Vice President Kashim Shettima.
Under the new financing arrangement, known as Project Gazelle 2, the Nigerian National Petroleum Company (NNPC) Limited will refinance the outstanding balance of about $1.5 billion from the original 2023 facility while unlocking an additional $3 billion for the federation.
The Council endorsed the proposal after considering a presentation by the Minister of Finance, Dr Taiwo Oyedele, who highlighted the economic benefits of the refinancing plan.
Briefing journalists after the meeting, Dr Oyedele said the new facility had been negotiated on more favourable terms, including a reduction in the volume of crude oil pledged as security from 90,000 barrels per day to about 78,750 barrels per day, representing a 12.5 per cent decrease.
According to him, the revised arrangement will release an additional 11,250 barrels of crude oil per day to the federation while easing NNPC Limited’s crude commitment under the financing structure.
He explained that the refinancing would provide the government with additional liquidity, free up resources for strategic national priorities and improve the country’s financing framework.
Earlier, Vice President Shettima called for a responsive, scalable and data-driven social protection system to tackle multidimensional poverty across the country.
He observed that government policies are ultimately measured by their impact on citizens’ daily lives, including food prices, healthcare, education, family welfare and economic opportunities.
The Vice President urged members of the Council to ensure that every decision taken reflects the government’s commitment to addressing the needs of Nigerians with competence, compassion and purpose.
