The National Economic Council (NEC) has approved the refinancing of the $3.3 billion Project Gazelle Pre-Export Finance Facility into a new $4.5 billion arrangement designated as "Project Gazelle 2."

?The approval, granted during the council’s virtual 159th meeting chaired by Vice President Kashim Shettima, authorizes NNPC Limited to refinance an outstanding balance of approximately $1.5 billion from the initial 2023 agreement.

The restructured deal unlocks an additional $3 billion in direct liquidity to reinforce Nigeria's external reserves, bolster fiscal stability, and fund ongoing national infrastructure priorities.

?Speaking after the meeting, Minister of Finance Dr. Taiwo Oyedele highlighted that the refinancing was secured under significantly improved commercial terms.

Key among the renegotiated terms is a 12.5% reduction in pledged crude oil, lowering the daily commitment from 90,000 barrels per day (bpd) to approximately 78,750 bpd.

?This reduction immediately releases 11,250 bpd back to the federation, optimizing NNPC Limited’s exposure while freeing up critical oil resources and fiscal room for strategic national development.

?In his opening remarks, Vice President Shettima urged the council to back these financial measures with a responsive, scalable, and data-driven social protection policy designed to tackle multidimensional poverty.

?Shettima emphasized that public policies must yield visible, real-world relief for citizens, stating that government commitments are ultimately reflected in food prices, healthcare delivery, educational standards, and the financial well-being of Nigerian families.

He called on state governors and council members to ensure every economic decision reflects a government responding with competence, compassion, and clear purpose.