$4.5 billion Project Gazelle 2 won National Economic Council approval, letting NNPC refinance about $1.5 billion still outstanding on the 2023 pre-export facility and raise fresh liquidity.
The refinancing is designed to cut costs and bolster Nigeria’s external reserves while funding fiscal and infrastructure priorities through an extra $3 billion released to the federation.
Finance Minister Taiwo Oyedele said the new terms reduce pledged crude volumes to about 78,750 barrels a day from 90,000 bpd, freeing 11,250 bpd for the federation.
NEC backed the plan at its 159th virtual meeting, framing it as a stronger financing structure as Vice President Kashim Shettima also pressed for more responsive social protection policy.