……As  Shettima demands a responsive social protection policy to end poverty

The National Economic Council (NEC) on Monday approved the refinancing of the US$3.3 billion Project Gazelle Pre-Export Finance Facility through a new US$4.5 billion facility named “Project Gazelle 2”.

Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, office of the Vice President, in a statement on Monday, said the approval allows NNPC Limited to refinance the outstanding balance of approximately $1.5 billion under the original 2023 facility, while unlocking an additional $3 billion in liquidity to strengthen the country’s external reserves, support ongoing fiscal and infrastructure priorities of the government.

The approval was part of the decisions reached at the 159th meeting of the National Economic Council (NEC) held virtually on Monday.

Taiwo Oyedele,  Coordinating Minister of the Economy and Minister of Finance, had made a presentation to the Council before the approval, with Vice President Kashim Shettima underscoring the importance of the project.

The statement revealed that NEC observed the significance of unlocking additional liquidity to the federation, among other benefits, pledging its support for the actualisation of the initiative.

Speaking at a press briefing after the meeting, the finance minister explained that the refinancing has been structured on more favourable terms than the original facility, including a reduction in the volume of pledged crude oil from 90,000 barrels of…