The Speaker of the House of Representatives, Rep. Tajudeen Abbas, on Wednesday inaugurated an ad hoc committee to oversee the implementation of the Federal Government’s Naira-for-Crude Oil policy.
Abbas said the move was a critical step toward ensuring transparency, accountability, and efficiency in one of Nigeria’s most significant energy sector initiatives. He charged the committee to thoroughly investigate the policy’s implementation, effectiveness, and inter-agency coordination, stressing that its recommendations would influence the nation’s economic stability.
“The task before this ad hoc committee requires diligence, courage, and a clear sense of purpose. Your deliberations will shape the course of this policy and impact millions of Nigerians,” he said. Abbas added that stakeholder engagement across government, industry, and civil society was vital to producing sustainable and credible outcomes.
He noted that the policy carries major implications for foreign exchange stability, revenue generation, and long-term energy security, reiterating the House’s commitment to advancing President Bola Tinubu’s Renewed Hope Agenda.
In his remarks, Chairman of the committee, Rep. Boniface Emerengwa (PDP–Rivers), commended the House leadership for the confidence reposed in the panel. He said Nigeria’s vast crude oil reserves had not always translated into maximum value, adding that volatility in forex markets and dependence on the dollar made the policy necessary.
“Our mandate is to critically examine the feasibility, sustainability, and potential impact of the Naira-for-Crude Oil policy, engage stakeholders, and make evidence-based recommendations that serve the best interest of Nigerians,” Emerengwa said.
He pledged that the committee would discharge its duties with diligence, transparency, and inclusiveness, while prioritising national interest.
