States to set up Security Trust Fund, as FG pegs oil production at 2.18mbpd in 2020 Budget

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The National Economic Council (NEC) says there is need for states to pool resources together and set up a security trust fund in view of huge cost of maintaining security.
Governor Babajide Sanwo-Olu of Lagos State briefed State House correspondents after the 100th NEC meeting presided over Vice President Yemi Osinbajo on Thursday at the Presidential Villa, Abuja.
He said that NEC’s Committee on Security and Policing headed by Governor Kayode Fayemi of Ekiti with some governors, Inspector-General of Police (IGP), National Security Adviser (NSA) and Chief of Defence Staff as members presented a report to the council.
“ At the end of the committee’s deliberations and presentation to council, the council was generally informed that the security situation in the council has tremendously improved and we have seen improved zonal collaborations and meetings with the various zones.
“`We have seen a lot integration and communication at zonal level; among the governors and security operatives at the various zones.
“We have also seen significant reduction in the proliferation of small arms as a result primarily of the border closure; there is a need for state governments to escalate and to manage situations before any breakdown snowball into ethnic or religious crisis.
“So, all the states are also managing any fallout and they are informing other senior security operatives.
“It was also mentioned that because of the huge resources required that it is advised that states also pool together to set up security trust fund so that we don’t have everybody trying to do the same thing everywhere.’’
He said that it was also emphasised that community policing was important as it would in reducing youth unemployment as the programme could be aligned with youth employment efforts.
More so, Sanwo-Olu said that another committee, a NEC sub-committee, also headed by Fayemi tasked with collaborating with the Minister and Ministry of Mines and Steel Development, briefed the council.
He said that the highlight of the committee’s report was that the ministry needed to do more advocacies at the various states level.
“ Yes, the committee realises and appreciates the fact that it is the ministry that issues out licences right to various licencees to come and mine but there is need for them to have advocacies, to have collaboration with the states.
“There is a need also for the ministry to provide details and time frame for the commissioning of what they call six cadastral offices in zones.
“There is also the need for issues around confirmation of consent by communities to be done at the state level, what do I mean? When they issue licences out to miners, they usually get a no objection from the community.
“But it was escalated and said that in no objection, the state also needs to be aware of so that the states can also validate and help them get those no objections issues.
“Finally, it was also suggested that there was a need to review the Mining the Act in order to deal with current challenges faced by the sector.’’
The governor said that the the Minister of Health also made a presentation to the council.
He said that the presentation made to council indicated that Nigeria had reached a third year without a record of polio.
Sanwo-Olu said that the last Wild Polio Virus (WPV) was in 2016 as Nigeria has not had any incidence the last three years.
“So, we are moving to stage where we will get a certification that we are free.
“We also have huge coverage-about 50 per cent from 38 per cent in 2003; as compared to two regions in Africa, I think we are doing very well as a nation.
“There has been improvement in advocacy on outbreak of vaccine for dry polio viruses; there is a lot of improvement on advocacy in those areas, ‘’ he said.
He said that in order to stop the spread of the circulating vaccine dry polio virus, there would be increased Monovalent Oral Poliovirus Vaccine.
The meeting was the last NEC for 2019.
Meanwhile, Mrs Zainab Ahmed, the Minister of Finance, Budget and National Planning, said the Federal Government has pegged oil production at 2.18 million Barrels Per Day (MBPD) in the 2020 budget.
Ahmed made this known at the Highlights and Breakdown of the assented 2020 budget in Abuja on Thursday.
She explained that though the projection was lower than the oil production volume of 2.3 MBPD in 2019, it was more realistic.
She said actual daily crude oil production and exports had been below budget projections since 2013 in spite of installed capacity of up to 2.5 MBPD for a number of reasons.
The minister added that in 2018, the actual production was 1.84 million barrels per day and for the first half of 2019 it was 1.86MBPD.
According to her, the budget also pegged the oil price at 57 dollars per day and 10.81 per cent inflation rate.
The minister said the Gross Domestic Product (GDP) was expected to grow by 2.93 per cent, while N305 to a dollar was projected in the budget as exchange rate.
Ahmed further stated that N142.96 trillion was projected for nominal GDP while 122.75 trillion was expected as nominal consumption.

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