In a major financial restructuring move aimed at boosting national reserves, the National Economic Council (NEC) has endorsed the refinancing of the $3.3 billion Project Gazelle Pre-Export Finance Facility through a new $4.5 billion arrangement designated as Project Gazelle 2.
The approval was granted on Monday, August 3, 2026, during the 159th NEC meeting held virtually and chaired by Vice President Kashim Shettima. The decision followed a comprehensive proposal presented by the Minister of Finance and Coordinating Minister of the Economy, Dr. Taiwo Oyedele.
Under the Project Gazelle 2 framework, NNPC Limited will refinance the outstanding $1.5 billion balance from the original 2023 pre-export facility. The remaining $3 billion will be injected directly into the economy to bolster Nigeria’s foreign exchange reserves and fund critical national infrastructure.
The new terms secure a 12.5% decrease in the volume of crude oil pledged as repayment collateral, dropping from 90,000 barrels per day (bpd) to 78,750 bpd. The reduction frees up 11,250 bpd, returning those unencumbered crude barrels back to the Federation Account to enhance government revenue.
Briefing journalists after the meeting, Dr. Taiwo Oyedele highlighted that the restructured agreement secures significantly improved commercial terms compared to the initial 2023 Afreximbank-backed facility:
”The refinancing has been structured on more favourable terms than the original facility… freeing up resources for strategic national priorities while strengthening the country’s overall financing structures.”
Statement issued by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications (Office of the Vice President), underscored the council’s consensus to support the project’s immediate implementation.
In his address to council members, Vice President Kashim Shettima stressed the need for fiscal decisions to translate into tangible relief for citizens facing economic strain:
”Government policies are often heard before they are seen—they speak through the price of food, the condition of hospitals, and the strain on families. Every decision made must reassure Nigerians that their government responds with competence, compassion, and purpose.”
Vice President Shettima also urged state governors and ministers present to prioritize data-driven social protection frameworks to address multidimensional poverty alongside macro-level debt restructuring efforts.
