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In a major fiscal move designed to reinforce foreign exchange reserves and shore up national revenue, the National Economic Council (NEC) has approved the refinancing of the $3.3 billion Project Gazelle<\/strong> crude-backed loan into a massive new $4.5 billion facility named Project Gazelle 2<\/strong>.<\/p>\n\n\n\n The green light came during the 159th virtual NEC meeting on Monday, August 3, 2026, chaired by Vice President Kashim Shettima<\/strong>, following a comprehensive briefing by the Minister of Finance and Coordinating Minister of the Economy, Dr. Taiwo Oyedele<\/strong>.<\/p>\n\n\n\n The newly restructured deal allows the Nigerian National Petroleum Company Limited (NNPC) to clear the remaining $1.5 billion<\/strong> balance from the initial 2023 pre-export facility while instantly injecting $3 billion in fresh liquidity<\/strong> into the nation’s financial system.<\/p>\n\n\n\n <\/p>\n\n\n\n <\/p>\n\n\n\n Beyond the multibillion-dollar liquidity influx, the defining victory of Project Gazelle 2 lies in its significantly improved commercial terms for the federation.<\/p>\n\n\n\n Minister Taiwo Oyedele revealed that the restructuring successfully slashes the amount of Nigerian crude oil mortgaged to service the loan by 12.5 percent<\/strong>.<\/p>\n\n\n\n This 11,250 bpd reduction means Nigeria will now retain direct ownership and full sales revenue from over eleven thousand extra barrels of crude every single day\u2014money that flows straight into federation accounts rather than servicing debt.<\/p>\n\n\n\n \u201cUnder the new arrangement, an additional 11,250 barrels of oil per day for the federation will be released… While accessing additional liquidity on improved terms, the arrangement is freeing up resources for strategic national priorities while strengthening the country\u2019s financing structures.\u201d \u2014 Dr. Taiwo Oyedele, Minister of Finance<\/em><\/p>\n<\/blockquote>\n\n\n\n <\/p>\n\n\n\n <\/p>\n\n\n\n Opening the session, Vice President Shettima urged state governors and council members to ensure that high-level financial decisions translate into real relief for ordinary citizens struggling with multidimensional poverty.<\/p>\n\n\n\n Shettima stressed that macroeconomic policy wins like Project Gazelle 2 must ultimately manifest in everyday economic stability, cheaper food, better health services, and improved public infrastructure.<\/p>\n\n\n\n \u201cGovernment policies are often heard before they are seen\u2014they speak through the price of food, the condition of hospitals, the records in schools, and the strain on families. Every decision we make must assure the citizens that their government is paying attention.\u201d \u2014 Vice President Kashim Shettima<\/em><\/p>\n<\/blockquote>\n\n\n\n <\/p>\n\n\n\n <\/p>\n\n\n\n The original Project Gazelle was launched in late 2023 as an emergency dollar-denominated lifeline designed to supply FX liquidity, stabilize the Naira, and calm severe currency volatility following the unification of exchange rate windows.<\/p>\n\n\n\n Three years later, three key factors allowed Nigeria to negotiate the far superior Project Gazelle 2 terms:<\/p>\n\n\n\n The $3 billion net liquidity proceeds will be deployed directly toward bolstering Nigeria’s external reserves, supporting critical infrastructure priorities, and maintaining exchange rate stability.<\/p>\n","protected":false},"excerpt":{"rendered":" In a major fiscal move designed to reinforce foreign exchange reserves and shore up national revenue, the National Economic Council (NEC) has approved the refinancing of the $3.3 billion Project Gazelle crude-backed loan into a massive new $4.5 billion facility named Project Gazelle 2. The green light came during the 159th virtual NEC meeting on […]<\/p>\n","protected":false},"author":5,"featured_media":425,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[475],"tags":[523,527,451,526,522,525,101,521,520,524],"class_list":["post-424","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-crude-oil-loan","tag-federal-ministry-of-finance","tag-kashim-shettima","tag-naira-fx-stability","tag-national-economic-council","tag-nigeria-fx-reserves","tag-nigerian-economy","tag-nnpc","tag-project-gazelle-2","tag-taiwo-oyedele"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\tUnlocking More Crude: Cheaper Terms and Reduced Oil Mortgages<\/h3>\n\n\n\n
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Shettima Charges Governors on Poverty and Compassionate Governance<\/h3>\n\n\n\n
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From Emergency Lifeline to Strategic Leverage<\/h3>\n\n\n\n
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