Aug 4, 2026

Shettima Presides Over 159th NEC Meeting After Delta Economic Summit

By Afolabi Olaiya Idowu in business

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Abuja, Nigeria – August 3, 2026 — Vice President Kashim Shettima on Monday chaired the 159th meeting of the National Economic Council (NEC) at the Presidential Villa, Abuja, shortly after attending the Delta State Economic and Investment Summit in Asaba.

The high-level session, held virtually, produced a major financial decision aimed at strengthening Nigeria’s external reserves and easing pressure on crude oil pledges.

NEC Approves Project Gazelle 2 Refinancing

The Council approved the refinancing of the US$3.3 billion Project Gazelle Pre-Export Finance Facility into a new US$4.5 billion facility tagged “Project Gazelle 2.”

According to a statement by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications (Office of the Vice President), the approval enables NNPC Limited to refinance the outstanding balance of about $1.5 billion from the original 2023 facility while unlocking an additional $3 billion in liquidity.

Finance Minister Dr Taiwo Oyedele explained that the new arrangement comes with more favorable terms, including a reduction in the volume of pledged crude oil from 90,000 barrels per day (bpd) to approximately 78,750 bpd—a 12.5 percent cut.

This releases an extra 11,250 bpd for the federation account.

“The refinancing has been structured on more favourable terms than the original facility,” Oyedele said, noting that it frees up resources for strategic national priorities while strengthening the country’s financing structures.

NEC members observed the significance of the additional liquidity for the federation and pledged support for the initiative.

Call for Responsive Social Protection

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

He reminded Council members that government policies are often felt by citizens through the price of food, the state of hospitals, school records, the strain on families, investor confidence, and the ambitions of state governments.

Shettima urged the Council to ensure that every decision reassures Nigerians “that their government is paying attention to the pulse of the nation and is resolved to respond with competence, compassion and purpose.”

From Delta Summit to National Economic Council

Earlier in the day, the Vice President participated in the Delta State Economic and Investment Summit in Asaba.

The three-day event, themed “Harnessing Our Strengths, Unlocking Our Potentials,” brought together key stakeholders focused on agriculture, energy, mining, and digital innovation in a state whose GDP reached ₦16.97 trillion in 2024.

Shettima’s swift return to Abuja to chair the NEC meeting underscored the administration’s dual focus on sub-national economic mobilization and federal-level fiscal coordination.

The 159th NEC meeting continues the Council’s regular role in aligning federal and state economic priorities.

With the approval of Project Gazelle 2, the government aims to optimize existing financing arrangements, boost external reserves, and create more fiscal space for infrastructure and social programmes.