Connect with us

News

NEC Approves Refinancing Of $3.3bn Project Gazelle To Optimise Cost, Unlock Additional Liquidity

Published

on

NEC Approves Refinancing Of $3.3bn Project Gazelle To Optimise Cost, Unlock Additional Liquidity

**As VP Shettima demands responsive social protection policy to end poverty in Nigeria

By: Our Reporter

The National Economic Council (NEC) has 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”.

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.

This was the outcome of the 159th meeting of the National Economic Council (NEC) held virtually on Monday.

NEC’s approval followed a presentation by the Minster of Finance, Dr Taiwo Oyedele, which was presented by Chairman of the Council, Vice President Kashim Shettima, underscoring the importance of the project.

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 oil per day (bpd) to approximately 78,750 bpd – a 12.5 percent reduction.

He noted that under the new arrangement, an additional 11,250 bpd for the federation will be released, while there will be reduction in the pledged crude volumes by NNPC limited.

Dr Oyedele added that while accessing additional liquidity on improved terms, the arrangement is freeing up resources for strategic national priorities while strengthening the country’s financing structures.

Earlier in his opening remarks, Vice President Shettima called for a responsive, scalable, and data-driven social protection policy to tackle multidimensional poverty in Nigeria.

According to him, government policies are often heard before they are seen, speak through the price of food, condition of hospitals, records in schools, strain on families, the confidence of those who invest their labour in the nation’s future, and, very importantly, the ambitions of state governments.

He implored members of Council to ensure that every decision they make assure the citizens “that their government is paying attention to the pulse of the nation and is resolved to respond with competence, compassion and purpose.”

NEC Approves Refinancing Of $3.3bn Project Gazelle To Optimise Cost, Unlock Additional Liquidity

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Athena Raises Alarm Over ‘Shrinking Democratic Space’ as EFCC Action, Campaign Fees Trigger Electoral Concerns

Published

on

Athena Raises Alarm Over ‘Shrinking Democratic Space’ as EFCC Action, Campaign Fees Trigger Electoral Concerns

By: Michael Mike

Concerns over Nigeria’s electoral environment have intensified following warnings by the Athena Election Observatory that recent actions by public institutions, though within their legal mandates, could undermine confidence in democratic competition if not guided by stronger safeguards.

The election monitoring body, in a statement on Thursday, cautioned that the exercise of state power during election periods must be balanced with the need to protect political participation, institutional neutrality and public trust.

The warning comes after the Economic and Financial Crimes Commission (EFCC) restricted access to an account belonging to the Osun State Government on Aug. 5, as part of an investigation into alleged diversion of public funds — a move that attracted controversy because it occurred just days before the Aug. 15 Osun governorship election.

The Osun State Government has denied any wrongdoing.

President Bola Tinubu later directed the EFCC to take steps to reverse the restriction, while maintaining that the anti-graft agency remained independent.

Athena described the President’s intervention as a significant corrective action but said the episode exposed a deeper institutional challenge: the need for public agencies to anticipate how the timing and impact of their decisions may affect perceptions of electoral fairness.

The group stressed that anti-corruption investigations must not be suspended because of elections, noting that public resources must remain protected and institutions must continue to perform their statutory duties. However, it argued that actions capable of affecting an election environment require exceptional judgement, transparency and safeguards against unintended political consequences.

According to the Observatory, “legal authority should be accompanied by necessity, proportionality, transparency and safeguards against avoidable electoral disruption.”

The group’s concerns extended beyond the Osun development to controversial campaign advertising fees announced by Abia and Anambra States, which it said could create financial barriers capable of limiting political competition.

In Abia State, campaign advertising permit charges reportedly introduced by the state signage agency require presidential candidates to pay ₦200 million, governorship candidates ₦150 million, senatorial candidates ₦100 million, House of Representatives candidates ₦50 million and State House of Assembly candidates ₦20 million.

Anambra State has also announced advertising permit fees of ₦50 million for presidential candidates, ₦20 million for senatorial candidates, ₦5 million for House of Representatives candidates and ₦1.5 million for State House of Assembly candidates.

The regulations reportedly cover not only traditional outdoor advertisements such as billboards and posters but also branded materials, public address systems, rallies and other campaign-related activities.

Athena argued that while state governments have the authority to regulate public spaces, environmental standards and outdoor advertising, such powers must not become tools for imposing additional hurdles on electoral participation.

The group highlighted the financial implications of the Abia charges, noting that the fees consume a substantial portion of candidates’ legally permitted campaign spending limits under the Electoral Act 2026.

It pointed out that a ₦20 million permit fee for a State House of Assembly candidate represents one-fifth of the ₦100 million statutory expenditure limit for that election, before candidates spend money on campaign materials, logistics, mobilisation and other activities.

The Observatory warned that such requirements could disproportionately affect smaller political parties and less wealthy candidates, potentially strengthening the influence of money in politics rather than reducing it.

“Campaign expenditure limits are intended to restrain the influence of money and promote fair competition,” the group said, arguing that state-imposed political fees that consume a significant portion of those limits work against that objective.

Athena maintained that Nigeria’s democratic framework is built on the principle that elections should be governed by transparent and uniform rules, rather than additional conditions created by administrative authorities.

It called on Abia and Anambra States to withdraw candidate-specific campaign advertising fees and instead apply ordinary advertising regulations that are content-neutral and applicable to all users of public spaces.

The organisation also urged the Independent National Electoral Commission (INEC) to issue national guidance clarifying that state and local regulatory powers cannot be used to introduce new conditions for participation in elections conducted under the Constitution and Electoral Act.

Athena said its position was not based on the interests of any political party, candidate or government involved in the controversies, but on protecting the integrity of Nigeria’s democratic institutions.

“Accountability, regulation and democratic competition should reinforce one another,” the group said. “Administrative power must not shrink democratic space.”

The warning comes as Nigeria approaches a new cycle of major elections, with civil society organisations increasingly urging state institutions to ensure that enforcement actions, regulations and administrative decisions are applied in ways that preserve public confidence in the neutrality of government institutions.

Athena Raises Alarm Over ‘Shrinking Democratic Space’ as EFCC Action, Campaign Fees Trigger Electoral Concerns

Continue Reading

News

Berom Militia Killed four Fulani Harders, shots 25 Cattle in Fresh Attack in Plateau’s Riyom

Published

on

Berom Militia Killed four Fulani Harders, shots 25 Cattle in Fresh Attack in Plateau’s Riyom

By Zagazola Makama

Four herders have been brutally killed and two others injured in a deadly attack by suspected Berom militia in Wereng Community of Riyom Local Government Area of Plateau State.

Intelligence sources told Zagazola Makama that troops of Sector 6 under Operation Enduring Peace responded at about 2:00 p.m. on Aug. 6 following reports of gunshots around Wereng Community.

On arrival, the troops combed the area and discovered the bodies of three herders, while two other victims were found with gunshot wounds and rescued.

The sources said the troops also found that 14 cattle had been killed during the attack, while another 11 cattle sustained gunshot injuries.

Preliminary investigations indicated that the affected herders were from Gwarim Community in Riyom Local Government Area and were allegedly attacked by suspected Berom militia operating from Angwan Wereng Community.

The bodies of the deceased were recovered by the troops, while the injured herders were evacuated to the Jos University Teaching Hospital (JUTH) for medical treatment.

Security sources said troops have intensified efforts to identify and apprehend those responsible for the attack.

They added that security personnel have continued to dominate the area to prevent any reprisal attack and maintain law and order as investigations into the incident continue.

Berom Militia Killed four Fulani Harders, shots 25 Cattle in Fresh Attack in Plateau’s Riyom

Continue Reading

News

CP calls on residents to support security agencies in Yobe

Published

on

CP calls on residents to support security agencies in Yobe

By: Yahaya Wakili

Yobe State Commissioner of Police, CP Usman Kanfani JJibrin, PSC, MSPSP, SM. ICM has called on residents of Yobe State to continue supporting security agencies by providing timely, credible, and actionable information.

He said the prevailing peace and security in the state can only be sustained through mutual trust, collaboration, and coordinated efforts among all security agencies.

CP Usman Kanfani Jibrin revealed this while receiving the newly posted state commandant of the Nigeria Security and Civil Defence Corps (NSCDC), CC Hassan Owuna, at his office.

He maintained that the command’s unwavering commitment to fostering stronger inter-agency collaboration through intelligence-led policing, joint security building, and other coordinated strategies aimed at preventing and combating crime, protecting critical national assets, and ensuring the safety of lives and property across the state.

Earlier, the NSCDC Yobe State Commandant, CC Hassan Owuna, reaffirmed his commitment to strengthening the existing partnership between the police command and the NSCDC in Yobe State.

He emphasised the need for sustained cooperation, intelligence sharing, and operational synergy among security agencies to effectively address emerging security challenges and enhance public safety.

CC Owuna expressed appreciation for the warm reception accorded to him and his members of his management team.

CP calls on residents to support security agencies in Yobe

Continue Reading

Trending

Verified by MonsterInsights