The National Economic Council has greenlit the replacement of the existing $3.3 billion Project Gazelle facility with a new $4.5 billion arrangement titled Project Gazelle 2. This decision permits NNPC Limited to settle the remaining $1.5 billion debt from the 2023 agreement while securing $3 billion in fresh liquidity to boost national reserves and fund infrastructure.
During the 159th session of the council, chaired by Vice President Kashim Shettima, Finance Minister Taiwo Oyedele explained that the new terms are more beneficial. The required daily crude oil pledge has been cut by 12.5 percent, dropping from 90,000 barrels per day to 78,750. This change releases an extra 11,250 barrels daily for the federation and optimizes fiscal management.
Separately, in Lagos, the Balogun Business Association has addressed safety and sanitation concerns at the Trade Fair Complex. President Oscar Odogwu introduced new fire-fighting and waste-disposal vehicles to mitigate the impact of frequent market fires and high waste-management expenses. Market leaders, including ASPAMDA President Ngozi Emechebe, commended the initiative, noting that the move will significantly reduce operational costs such as those associated with the Lagos Waste Management Authority.
