The National Economic Council has approved the refinancing of the $3.3 billion Project Gazelle Pre-Export Finance Facility through a new $4.5 billion facility named ‘Project Gazelle 2’.

The approval was made during the 159th meeting of the National Economic Council (NEC) held virtually on Monday. The approval allows NNPC to refinance the outstanding balance of $1.5 billion under the original 2023 facility.

It will also unlock an additional three billion dollars in liquidity to strengthen the country’s external reserves and support the government’s ongoing fiscal and infrastructure priorities.

Briefing journalists after the meeting, the finance minister, Taiwo Oyedele, explained that the refinancing has been structured on more favourable terms than the original facility.

According to him, this includes a reduction in the volume of pledged crude oil from 90,000 barrels of oil per day (bpd) to approximately 78,750 bpd, a 12.5 per cent reduction.

He noted that under the new arrangement, an additional 11,250 bpd for the federation would be released, while there would be a reduction in the pledged crude volumes by NNPC.

Mr Oyedele added that while accessing additional liquidity on improved terms, the arrangement was freeing up resources for strategic national priorities while strengthening the country’s financing structures.

Vice-President Kashim Shettima called for a responsive, scalable, and data-driven social protection policy to tackle multidimensional poverty in Nigeria.

Mr Shettima said government policies were often heard before seen.

(NAN)