Gloria Essien, Abuja
The House of Representatives has inaugurated an ad-hoc committee to oversee the implementation of the federal government’s Naira-for-Crude Oil Policy, which mandates countries buying Nigeria’s crude oil to pay in Naira.
Speaking at the inauguration in Abuja, Speaker of the House, Mr. Tajuddeen Abbas, said the move was a critical step towards ensuring transparency, accountability, and efficiency in one of Nigeria’s most important energy sector policies.
“This committee has been entrusted with the important task of investigating the implementation, effectiveness, and inter-agency coordination of the Naira-for-Crude Oil Policy.
“Its work is vital to ensuring that the objectives of the policy are met and that any gaps in execution are identified and corrected. The House expects nothing less than a thorough, impartial, and well-documented process that will contribute to the overall stability of our economy,” Mr. Abbas said.
The Speaker emphasised that the policy carried significant implications for Nigeria’s foreign exchange stability, revenue generation, and long-term energy security.
“A thorough examination of its framework will enable the committee to determine whether the policy is achieving its intended objectives, identify any gaps in its implementation, and highlight areas where adjustments may be required.
“Such an assessment will provide the House with clearer guidance in exercising its legislative commitment, and we trust they will deliver results that meet the expectations of this chamber and the hopes of the people we serve,” he added.
He stressed that the 10th House of Representatives remained dedicated to advancing the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration, particularly in tackling economic challenges, safeguarding resources, and promoting sustainable growth.
Mr. Abbas further noted that stakeholder engagement would be central to the assignment.
“Such collaboration will help shape recommendations that are realistic, sustainable, and aligned with the national interest, while also strengthening public confidence in the work of the House.
“The task before this ad-hoc committee requires diligence, courage, and a clear sense of purpose,” he said.
The Chairman of the Ad-Hoc Committee, Mr. Emerengwa Boniface Sunday, highlighted the importance of the policy in reducing Nigeria’s dependence on the dollar and strengthening the Naira.
“The Naira-for-Crude Oil Policy is one such innovation. It seeks to provide a framework where transactions in our crude oil sector can increasingly be denominated in Naira rather than in foreign currencies.
“The shift, if properly structured, will not only boost confidence in the Naira, but also reduce pressure on our foreign reserves, stimulate domestic economic activities, and enhance Nigeria’s sovereignty over its resources,” he said.
Mr. Sunday listed the mandate of the committee to include examining the feasibility, sustainability, and impact of the policy; engaging stakeholders across government, the oil and gas industry, and financial institutions; identifying risks and opportunities; and making evidence-based recommendations in line with the Renewed Hope Agenda.
He assured Nigerians of the committee’s commitment to diligence, transparency, and inclusiveness.
“With your support, the cooperation of stakeholders, and the guidance of divine providence, this committee will deliver recommendations that will help chart a new path of economic resilience and self-reliance for our dear country,” he said.
The inauguration was attended by lawmakers and stakeholders from the oil and gas sector, financial institutions, and civil society organisations, who delivered goodwill messages.
PIAK