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NEC APPROVES REFINANCING OF PROJECT GAZELLE
The National Economic Council (NEC) has approved the refinancing of Project Gazelle, allowing NNPC Limited to refinance the outstanding balance of its 2023 facility while unlocking an additional $3 billion in liquidity to strengthen Nigeria's external reserves and support key fiscal and infrastructure priorities.
According to a statement by Stanley Nkwocha, Senior Special Assistant to Vice President Kashim Shettima on Media and Communications, the approval was granted at the 159th NEC meeting chaired virtually by the Vice President.
Finance Minister Dr. Taiwo Oyedele said the new financing arrangement offers more favourable terms, including reducing pledged crude oil from 90,000 barrels per day to about 78,750 barrels per day, freeing up 11,250 barrels per day for the federation while improving the country's financing structure.
Shettima also urged the council to pursue responsive and data-driven social protection policies, stressing that government decisions should directly improve the lives of Nigerians through better economic and social outcomes.
Credit: Arise News
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