NEC extends crude theft panel to include solid minerals

The National Economic Council (NEC) on Thursday expanded the mandate of its committee on crude oil theft to include preventing theft of solid minerals.

The NEC’s approval followed the presentation of a memo by the Minister of Budget and Economic Planning, Senator Atiku Bagudu, who proposed six key resolutions aimed at achieving the roadmap for the attainment of Nigeria’s $1 trillion economy by 2030.

The expansion of the mandate of the committee to include solid minerals will enable it to also supervise gold and other precious stone theft.

The NEC’s approval for the extension followed its meeting held in Abuja, where it also endorsed the comprehensive roadmap for the country’s target of achieving a $1 trillion economy by 2030.

President Bola Tinubu, President of the Senate, Senator Godswill Akpabio; Deputy Speaker of the House of Representatives, Honourable Benjamin Kalu; Senate Leader, Senator Opeyemi Bamidele; Secretary to the Government of the Federation, Senator George Akume, and several state governors attended the meeting chaired at the State House by Vice President Kashim Shettima.

It came as the council also praised the improvement in Nigeria’s daily crude oil production from 700,000 barrels when Tinubu assumed office in 2023 to 1.7 million barrels currently, made possible by its Ad Hoc Committee on Crude Oil Theft Prevention and Control.

The Minister of Budget and Economic Planning, Senator Atiku Bagudu, while presenting a memo on the roadmap to council, outlined key strategies to strengthen cooperation among the three tiers of government and sustain the ongoing reforms by the administration.

He noted, “The memo recognises the President’s deep respect for federalism and highlights the achievements made through collaboration between the federal and state governments over the past two and a half years.”

The minister proposed six key resolutions, which the meeting approved. He outlined them thus:

“Regular Briefings on Economic Stability: The Coordinating Minister of the Economy, the Central Bank Governor, and the Minister of Budget and Economic Planning are to periodically brief NEC on policies supporting macroeconomic and monetary stability.

“Sustained Infrastructure Collaboration: The Renewed Hope Infrastructure Fund shall remain a collaborative vehicle for nationwide infrastructure development, with periodic progress reports to NEC.

“Enhanced Security Funding: Cooperation on national security shall continue, with additional investments to be determined by the President on NEC’s recommendation.

“A NEC Committee on Security Investment Mobilisation was approved.

“The NEC Committee on Crude Oil Theft will have its mandate expanded to include preventing theft of solid minerals, including gold and other precious resources.

“Implementation of the programme shall remain a core national priority, with the Ministry of Budget and Economic Planning submitting periodic progress reports.

“NEC will adopt new measures to boost domestic production, as recommended by the Ministry of Budget and National Planning.”

Tinubu, following the approval of the roadmap, thanked council members for aligning with his administration’s economic reform agenda, reiterating his commitment to fostering inclusive growth across the federation.

On the improvement of crude oil production, Governor Hope Uzodimma of Imo State, who briefed State House Correspondents on the impression of council, attributed the success to coordinated security and regulatory interventions introduced by Tinubu since 2023.

Uzodimma, who doubles as the chairman of the NEC Committee on Crude Oil Theft, reported that output had risen from about 700,000–800,000 bpd before May 2023 to over 1.7 mbpd this year.

The governor explained that the progress resulted from a joint effort involving regulators, oil operators, the Nigerian National Petroleum Company Limited (NNPCL), the Navy, and other security agencies, as well as input from governors of oil-producing states.

Owing to the success recorded by the committee, he said the council expanded its responsibilities to include oversight of the solid minerals sector.

He said this would address illegal mining and smuggling of gold and other mineral resources.

He added, “Going forward, we will work with relevant agencies to ensure that revenue from solid minerals is properly accounted for and not stolen.”

The Deputy Governor of Oyo State, Bayo Lawal, on his part, presented the latest balances in Nigeria’s key national accounts.

He said as of October 23, 2025, the Excess Crude Account stood at $535,823.39; the Stabilisation Account at ₦87,665,172,001.67; and the Natural Resources Account at ₦141,585,815,008.16.

“These figures reflect the financial position of the respective accounts following exhaustive deliberation of this item at today’s NEC meeting,” Lawal said.