By Mercy Gadia Adi
The Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, PhD, has assured Nigerians that the House will ensure transparency, accountability, and effective implementation of the Federal Government’s Naira-for-Crude Oil Policy.
Speaking through the Minority Leader, Hon. Kingsley Chinda, at the inauguration of the Ad-hoc Committee on the Implementation and Oversight of the policy in Abuja, Abbas described the exercise as a crucial step toward strengthening efficiency in Nigeria’s energy sector.
The Speaker said the committee has been given the responsibility of monitoring implementation, ensuring inter-agency coordination, and assessing the policy’s overall effectiveness.
“Its work is critical to making sure the objectives of the policy are met, and that any gaps in execution are promptly addressed. The House expects nothing less than a thorough, impartial, and well-documented process that contributes to the stability of our economy,” Abbas stated.
He explained that the policy has far-reaching implications for foreign exchange stability, revenue generation, and energy security, stressing the need for a comprehensive review to determine its success and possible adjustments.
Reaffirming the 10th House’s support for President Bola Tinubu’s Renewed Hope Agenda, Abbas said the legislature remains committed to working with all stakeholders to promote sustainable growth, enhance citizens’ welfare, and safeguard national resources.
In his remarks, the Chairman of the Ad-hoc Committee, Hon. Boniface Emerengwa, noted that despite Nigeria’s abundant crude oil reserves, citizens have not always enjoyed maximum benefits. He said the Naira-for-Crude Oil Policy seeks to reduce dependence on the dollar, strengthen the Naira, and reinforce sovereignty over national resources.
“The committee’s mandate is to critically examine the feasibility and sustainability of the policy, engage with stakeholders across government and industry, and make evidence-based recommendations to guide the House,” Emerengwa said.