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.
According to Voice of Nigeria, the newly formed committee has been assigned the important task of investigating the implementation, effectiveness, and inter-agency coordination of the Naira-for-Crude Oil Policy. The committee’s work is crucial to ensuring that the objectives of the policy are met and that any gaps in execution are identified and corrected. Mr. Abbas emphasized that the policy is significant for Nigeria’s foreign exchange stability, revenue generation, and long-term energy security.
The Speaker further elaborated that a thorough examination of the policy’s framework will enable the committee to determine whether it 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 the Speaker expressed trust that the committee would deliver results that meet the expectations of the chamber and the hopes of the people.
Mr. Abbas reiterated the dedication of the 10th House of Representatives to advancing the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration, focusing on tackling economic challenges, safeguarding resources, and promoting sustainable growth. He noted that stakeholder engagement would be central to the committee’s assignment, emphasizing collaboration to shape recommendations that are realistic, sustainable, and aligned with the national interest.
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. He stated that the policy seeks to provide a framework where transactions in the crude oil sector can increasingly be denominated in Naira rather than in foreign currencies. This shift, if properly structured, will not only boost confidence in the Naira but also reduce pressure on foreign reserves, stimulate domestic economic activities, and enhance Nigeria’s sovereignty over its resources.
Mr. Sunday outlined the committee’s mandate, which includes 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.
The inauguration was attended by lawmakers and stakeholders from the oil and gas sector, financial institutions, and civil society organizations, who delivered goodwill messages.