By Gift ChapiOdekina, Abuja
ABUJA — The House of Representatives has pledged to ensure transparency, accountability, and effective implementation of the Federal Government’s Naira-for-Crude Oil Policy.
Speaker Abbas Tajudeen, represented by Minority Leader Kingsley Chinda, gave the assurance on Tuesday during the inauguration of the Ad-hoc Committee on the Implementation and Oversight of the policy.
He described the exercise as a crucial step toward strengthening efficiency and transparency in Nigeria’s energy sector, stressing that the committee has a vital responsibility to monitor implementation, ensure inter-agency coordination, and evaluate the policy’s effectiveness.
“The House expects nothing less than a thorough, impartial, and well-documented process that contributes to the stability of our economy,” Abbas said.
Highlighting the policy’s far-reaching implications for foreign exchange stability, revenue generation, and energy security, the Speaker noted that a comprehensive review will determine whether its goals are being met and identify necessary adjustments.
He reaffirmed the 10th House’s commitment to supporting President Bola Ahmed Tinubu’s Renewed Hope Agenda, particularly in tackling economic challenges, safeguarding national resources, and promoting citizens’ welfare.
Abbas emphasized that stakeholder engagement will be central to the committee’s work, urging members to conduct their assignment with integrity, objectivity, and dedication.
Committee Chairman Hon. Boniface Emerengwa, in his remarks, said Nigeria’s abundant crude oil reserves have not always delivered maximum value for citizens.
He explained that the volatility of foreign exchange markets and dependence on the dollar make it necessary to explore innovative solutions like the Naira-for-Crude Policy.
“The policy seeks to create a framework where crude oil transactions are increasingly denominated in Naira rather than foreign currencies. If well-structured, it will boost confidence in the Naira, reduce pressure on reserves, stimulate economic activities, and reinforce Nigeria’s sovereignty over its resources,” Emerengwa stated.
He added that the committee’s mandate is to critically assess the feasibility and sustainability of the initiative, engage with stakeholders across government and industry, and make evidence-based recommendations to guide the House.
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