The National Economic Council (NEC), has approved a comprehensive roadmap towards achieving a $1 trillion Nigerian economy by 2030.
The NEC gave the approval during its 153rd meeting on Thursday at the Presidential Villa, Abuja,
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. This is to include oversight of Nigeria’s solid minerals sector, amidst 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.
The Minister explained that the document drew from constitutional principles defining the shared responsibilities of all tiers of government for national development.
Bagudu 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.
He proposed six key resolutions which were approved by the NEC. These included regular briefings on economic stability, sustained infrastructure collaboration, and enhanced security funding.
A NEC Committee on Security Investment Mobilization 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.
He stated that “As of October 23, 2025, the Excess Crude Account (ECA) stood at $535,823.39; the Stabilization Account at N87,665,172,001.67; and the Natural Resources Account at N141,585,815,008.16.
Speaking after the who che meeting, Uzodimma chaired the ad hoc Committee, told journalists 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, he said prompted the reconstitution of the committee.
He said, “Working with critical stakeholders, including regulators, operators and the armed forces, we adopted a collaborative approach involving all governors of oil-producing states.
“Today, daily production exceeds 1.7 million barrels, while cases of pipeline vandalism and crude theft have declined.”
Uzodimma 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, Kaduna State Governor, Uba Sani disclosed that NEC approved President Tinubu’s proposal to establish a high-level committee for the revamping of training institutions for security agencies nationwide.
According to him, 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 has as it’s chairman the governor of Enugu State, Peter Mbah. Members of the Committee include Governors Sani (Kaduna), Dapo Abiodun (Ogun), Agbu Kefas (Taraba), and Umo Eno (Akwa Ibom). Others are Dauda Lawal (Zamfara) and Abdullahi Sule (Nasarawa).
Former Inspector-General of Police (IGP), Usman Baba, was appointed secretary of the Committee.
The Committee, has one month to conduct on-the-spot assessments of all training institutions and submit recommendations for joint Federal and State intervention.
The meeting, which was the sixth in 2025, was attended by Senate President Godswill Akpabio, and Senate Leader, Opeyemi Bamidele.
Also present were; the Deputy Speaker of the House of Representatives, Benjamin Kalu; Secretary to the Government of the Federation (SGF), George Akume and many State Governors.
source: The Guardian