NEC Expands Crude Oil Theft Committee to Cover Solid Minerals

The National Economic Council (NEC) on Thursday approved the expansion of its committee on crude oil theft to include tackling the theft of solid minerals across the country.

This decision followed the presentation of a memo by the Minister of Budget and Economic Planning, Senator Atiku Bagudu, who outlined six key resolutions aimed at achieving Nigeria’s goal of becoming a $1 trillion economy by 2030.

With the expanded mandate, the committee will now also oversee efforts to curb illegal mining and the theft of gold and other precious minerals.

The approval came during the NEC meeting held in Abuja, where members also endorsed a comprehensive roadmap for attaining the $1 trillion economic target.

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

The council also commended the increase in Nigeria’s daily crude oil output—from about 700,000 barrels per day (bpd) when President Tinubu took office in 2023 to around 1.7 million bpd—attributing the progress to the efforts of the Ad Hoc Committee on Crude Oil Theft Prevention and Control.

While presenting the roadmap, Senator Bagudu highlighted the need for continued collaboration among the three tiers of government to consolidate ongoing economic reforms. He noted that the memo reflected President Tinubu’s commitment to true federalism and intergovernmental cooperation.

He listed six approved resolutions:

Regular Economic Briefings: The Coordinating Minister of the Economy, Central Bank Governor, and Minister of Budget and Economic Planning will periodically brief NEC on policies promoting macroeconomic and monetary stability.
Infrastructure Collaboration: The Renewed Hope Infrastructure Fund will remain a joint platform for national infrastructure development, with progress updates to NEC.
Enhanced Security Funding: National security cooperation will be sustained, with additional investments determined by the President based on NEC’s recommendations.
Security Investment Committee: A new NEC Committee on Security Investment Mobilisation was approved.
Expanded Mandate: The NEC Committee on Crude Oil Theft will now include the prevention of solid minerals theft, covering gold and other valuable resources.
Programme Implementation: The Ministry of Budget and Economic Planning will provide regular progress reports on the roadmap’s execution, while NEC adopts measures to boost domestic production.

President Tinubu, while appreciating the council’s support, reaffirmed his administration’s commitment to inclusive and sustainable economic growth.

Briefing reporters after the meeting, Imo State Governor Hope Uzodimma—who chairs the NEC Committee on Crude Oil Theft—credited the improved oil production to coordinated security and regulatory actions led by the Tinubu administration since 2023.

He revealed that output rose from about 700,000–800,000 bpd before May 2023 to over 1.7 million bpd in 2025, due to joint efforts by regulators, oil companies, the Nigerian National Petroleum Company Limited (NNPCL), the Navy, and other security agencies, in collaboration with oil-producing states.

Given the committee’s success, Uzodimma said its scope was broadened to include solid minerals oversight, with a focus on tackling illegal mining and smuggling.

“Moving forward, we will work closely with relevant agencies to ensure that revenues from solid minerals are properly managed and protected,” he stated.

Oyo State Deputy Governor Bayo Lawal presented the latest figures of Nigeria’s key national accounts, revealing that as of October 23, 2025: