Tag: National Economic Council

NEC approves $4.5bn oil-backed loan refinancing

Aminu Imam
NEC approves loan refinancing

…Unlocks $3bn fresh liquidity The National Economic Council (NEC) has approved the refinancing of the $3.3bn ‘Project Gazelle Pre-Export Finance Facility’ through a new $4.5bn Project Gazelle 2 arrangement. The move is expected to unlock $3bn in fresh liquidity while reducing Nigeria’s crude oil commitments under the facility. The approval was granted at the 159th NEC meeting, held virtually on Monday, and chaired by Vice-President Kashim Shettima, following a presentation by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele. According to a statement issued by the…

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National Economic Council rejects Buhari’s social register, adopts new cash transfer method

Aminu Imam

The National Economic Council (NEC), chaired by Vice-President Kashim Shettima, has decided to discard the national social register due to credibility issues during Muhammadu Buhari’s administration. Instead, the council suggested a cash transfer program for states using their social registers and a six-month cash reward system for public servants.  This resolution emerged from a lengthy meeting at the state house yesterday between the Vice-President, thirty-six State Governors, a representative of the Governor of the Central Bank of Nigeria, (CBN), and other co-opted government officials. Top on the agenda of the…

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