The National Economic Council (NEC) has approved the refinancing of the 3.3 billion dollar Project Gazelle Pre-Export Finance Facility. The restructuring will be executed through a new 4.5 billion dollar facility named Project Gazelle 2.
The approval was granted during the 159th meeting of the NEC, which was held virtually on Monday, August 4, 2026. The council highlighted the importance of the transaction in unlocking additional liquidity for the federation and supporting ongoing fiscal priorities.
Under the new arrangement, NNPC Limited will refinance the outstanding balance of approximately 1.5 billion dollars from the original 2023 facility. This restructuring unlocks an additional 3 billion dollars in liquidity to bolster Nigeria's external reserves and fund infrastructure projects.
Improved Terms and Reduced Oil Pledges
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, explained that the refinancing has been secured on more favourable terms than the original facility. A major benefit of the deal is the 12.5 percent reduction in the volume of pledged crude oil.
The volume of pledged crude will drop from 90,000 barrels of oil per day (bpd) to approximately 78,750 bpd. This adjustment releases an additional 11,250 bpd for the federation, reducing the crude oil commitment load on NNPC Limited.
Oyedele noted that the new arrangement frees up vital resources for strategic national priorities. He added that the restructuring allows the country to access critical liquidity while strengthening its overall financing structures.
Call for Scalable Social Protection
During his opening remarks at the meeting, Vice President Kashim Shettima called for a responsive, scalable, and data-driven social protection policy. He emphasized that such a framework is necessary to address multidimensional poverty across Nigeria.
Shettima noted that government policies are often felt through the price of food, the condition of hospitals, and school records. He urged council members to ensure that every decision reflects a commitment to responding to the pulse of the nation with competence and compassion.
