The Speaker of the House of Representatives, Abbas Tajudeen, has said the National Assembly will ensure transparency and accountability in the rollout of the federal government’s Naira-for-Crude Oil Policy.
He gave the assurance, speaking through the Deputy Minority Leader at the inauguration of an ad-hoc committee on Wednesday, September 24.
Abbas described the initiative as a turning point for Nigeria’s energy sector. He noted that the committee’s task is to monitor how the policy is implemented, ensure it works as intended, and hold agencies accountable.
“Its work is vital to ensuring that the objectives of the policy are met and that any gaps in execution are identified and corrected,” Abbas said. “The House expects nothing less than a thorough, impartial, and well-documented process that will contribute to the overall stability of our economy.”
The Speaker explained that the policy has far-reaching implications for foreign exchange stability, revenue generation, and energy security.
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He stressed that the House is determined to play its part in supporting reforms under President Bola Tinubu’s Renewed Hope Agenda, especially in tackling the economic pressures facing Nigerians.
Chairman of the Committee, Boniface Emerengwa, highlighted why the assignment is urgent. He pointed out that although Nigeria is rich in crude oil, its benefits have not translated fully into value for the people.
“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,” he said.
Emerengwa added that if properly structured, the policy would strengthen the naira, reduce reliance on foreign reserves, and stimulate economic growth.
He assured that the committee will consult widely, examine risks, and present recommendations that place the country’s interest first.