Speaker inaugurates c’ttee to oversee naira-for-crude oil policy

The Speaker of the House of Representatives, Rep. Tajudeen Abass, on Wednesday inaugurated an ad hoc committee to oversee the implementation of the Federal Government’s Naira-for-Crude Oil policy.

Speaking at the inauguration in Abuja, Abass said the step underscored the House’s commitment to transparency, accountability, and efficiency in one of Nigeria’s most critical energy sector policies.

He explained that the committee’s mandate is to investigate the implementation, effectiveness, and inter-agency coordination of the policy, which he described as central to the country’s economic stability.

“The task before this ad hoc committee requires diligence, courage, and a clear sense of purpose,” the Speaker said. “Your recommendations will shape the course of this policy and influence the well-being of millions of Nigerians. The House has confidence in your competence and dedication.”

Abass stressed that the Naira-for-Crude Oil policy has far-reaching implications for Nigeria’s foreign exchange stability, revenue generation, and long-term energy security. He added that the 10th House of Representatives remains committed to supporting President Bola Tinubu’s Renewed Hope Agenda, especially in addressing economic challenges.

The Speaker further advised the committee to prioritise stakeholder engagement, noting that contributions from government agencies, industry players, civil society, and other actors will help ensure realistic and sustainable recommendations.

In his remarks, the committee chairman, Rep. Boniface Emerengwa (PDP–Rivers), commended the leadership of the House for entrusting the panel with such a critical responsibility.

He noted that despite Nigeria’s vast crude oil reserves, citizens have not always reaped maximum benefits. According to him, foreign exchange volatility, over-reliance on the dollar, and persistent economic challenges highlight the need for innovative strategies to strengthen the naira and reduce external vulnerabilities.

“The task before this committee is both urgent and significant,” Emerengwa said. “We will critically examine the feasibility, sustainability, and impact of the Naira-for-Crude Oil policy, engage with stakeholders across the energy and financial sectors, and make evidence-based recommendations that serve the best interest of the economy and the Nigerian people.”

He assured that the committee would approach its work with transparency, inclusiveness, and diligence, pledging to place national interest above all other considerations.

Emerengwa added that while bold reforms often face skepticism, history shows that nations progress when they dare to innovate and take charge of their economic destiny.

He called for the support of the House, cooperation from stakeholders, and divine guidance in carrying out the assignment.