The House of Representatives has inaugurated an ad-hoc committee to oversee the implementation of the Federal Government’s Naira-for-Crude Oil Policy.
The lower chamber said this would ensure transparency, accountability, and effective execution of the initiative aimed at strengthening Nigeria’s economy.
Speaking at the inauguration of the committee on Wednesday in Abuja, Speaker of the House, Abbas Tajudeen, described the move as a crucial step towards promoting oversight, improving efficiency, and safeguarding national interests in one of the government’s most significant economic reform policies under President Bola Ahmed Tinubu’s administration.
Represented by the minority leader, Kingsley Chinda, the Speaker said the committee has been entrusted with a vital mandate to monitor implementation, ensure inter-agency coordination, and assess the policy’s overall impact on Nigeria’s fiscal and monetary landscape.
“Its work is critical to making sure the objectives of the policy are met, and that any gaps in execution are promptly addressed. The House expects nothing less than a thorough, impartial, and well-documented process that contributes to the stability of our economy,” the Speaker said.
Abbas noted that the policy carries far-reaching implications for Nigeria’s foreign exchange stability, revenue generation, and long-term energy security.
He stressed that a comprehensive review of its framework will help determine whether the policy is meeting its goals and identify adjustments where necessary.
Noting that such an assessment will provide the House with clearer guidance in exercising its legislative commitment, Abbas expressed confidence in the committee to deliver results that meet the expectations of this chamber and the hopes of the people we serve.
The Speaker reaffirmed that the 10th House remains committed to supporting President Bola Ahmed Tinubu’s Renewed Hope Agenda, particularly in addressing economic challenges confronting Nigerians.
He said: “Our resolve is to ensure the legislature remains a true partner in progress by aligning its priorities with the aspirations of the people and the policy direction of government.
“We are committed to working across party lines and with all stakeholders to promote sustainable growth, enhance citizens’ welfare, and safeguard national resources for present and future generations.”
Speaking, the Chairman of the Committee, Boniface Emerengwa, said that despite Nigeria’s abundant crude oil reserves, the benefits have not always translated into maximum value for citizens.
He noted that the volatility of foreign exchange markets, dependence on the dollar, and economic vulnerabilities make it necessary to explore innovative solutions such as 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 our reserves, stimulate domestic economic activities, and reinforce Nigeria’s sovereignty over its resources,” he explained.
Emerengwa added that the committee’s mandate is to critically examine the feasibility and sustainability of the policy, engage with stakeholders across government and industry, and make evidence-based recommendations to guide the House.
