• Measures to strengthen macroeconomic reforms, security
• Expands oil theft committee to cover solid minerals 

The National Economic Council (NEC), during its 153rd meeting yesterday at the Presidential Villa, Abuja, approved a comprehensive roadmap towards achieving a $1 trillion Nigerian economy by 2030.

The meeting, which was the sixth in 2025, was attended by President Bola Tinubu, Senate President Godswill Akpabio, Senate Leader, Opeyemi Bamidele; Deputy Speaker of the House of Representatives Benjamin Kalu; Secretary to the Government of the Federation (SGF), George Akume and many state governors.

The session, which was chaired by Vice President Kashim Shettima, also approved the expansion of its ad hoc Committee on Crude Oil Theft Prevention and Control to include oversight of Nigeria’s solid minerals sector, amid growing concerns over illegal mining and loss of national revenue.

Presenting a memo to the Council, Minister of Budget and Economic Planning Abubakar Bagudu outlined key strategies to deepen cooperation among the federating units and sustain the ongoing reforms that drive macroeconomic stability, national security, and inclusive growth.

Bagudu explained that the document drew from constitutional principles defining the shared responsibilities of all tiers of government for national development.

He noted that measures such as macroeconomic reforms, security interventions, the Renewed Hope Infrastructure Fund and grassroots development programmes have strengthened the economy and laid the groundwork for accelerated growth.

Six key resolutions Bagudu proposed, which were approved by the NEC, include regular briefings on economic stability, sustained infrastructure collaboration, and enhanced security funding.

A NEC Committee on Security Investment Mobilisation was approved. The Committee on Crude Oil Theft will have its mandate expanded to include preventing theft of solid minerals, including gold and other precious resources.  NEC will adopt new measures to boost domestic production, as recommended by the budget ministry.

The motions were moved by Governor Hope Uzodinma of Imo State and seconded by Governor Abdullahi Sule of Nasarawa State, before being unanimously adopted by the Council.

Deputy Governor of Oyo State, Bayo Lawal, presented the latest balances in Nigeria’s key national accounts. As of October 23, 2025, the Excess Crude Account (ECA) stood at $535,823.39; the Stabilisation Account at N87,665,172,001.67; and the Natural Resources Account at N141,585,815,008.16.

UZODIMMA, who chairs the ad hoc committee, told journalists after the NEC meeting that the decision followed significant progress made in curbing crude oil theft and boosting daily production. He recalled that before President Bola Tinubu assumed office in May 2023, Nigeria’s crude oil production averaged between 700,000 and 800,000 barrels per day, a situation that prompted the reconstitution of the committee.

“Working with critical stakeholders, including regulators, operators and the armed forces, we adopted a collaborative approach involving all governors of oil-producing states,” Uzodimma said. “Today, daily production exceeds 1.7 million barrels, while cases of pipeline vandalism and crude theft have declined.”

The Imo governor stated that the committee advised the Nigerian National Petroleum Company Limited (NNPCL), in collaboration with security agencies and consultants, to enhance surveillance along creeks and offshore facilities to prevent unauthorised vessel movements near export terminals.

In a related development, Governor Uba Sani of Kaduna State disclosed that NEC approved President Tinubu’s proposal to establish a high-level committee for the revamp of training institutions for security agencies nationwide.

The decision followed a presentation by the Coordinating Minister of the Economy and Minister of Budget and National Planning, highlighting the importance of security investments to the President’s $1 trillion economy vision by 2030.

The new committee, chaired by Governor Peter Mbah of Enugu State, includes Governors  Sani (Kaduna), Dapo Abiodun (Ogun), Agbu Kefas (Taraba), Umo Eno (Akwa Ibom), Dauda Lawal (Zamfara) and Abdullahi Sule (Nasarawa).

Former Inspector-General of Police (IGP), Usman Baba, was appointed secretary of the committee, which has one month to conduct on-the-spot assessments of all training institutions and submit recommendations for joint federal and state intervention.