The House of Representatives has pledged to ensure that the Federal Government’s newly introduced Naira-for-Crude Oil Policy is implemented with transparency, accountability, and in the best interest of Nigerians.
The policy, designed to reduce dependence on the U.S. dollar in crude oil transactions and stabilise the naira, has drawn wide public attention amid concerns over dwindling foreign reserves, rising import costs, and exchange rate volatility. Lawmakers say their oversight role will focus on ensuring the initiative achieves its goals of strengthening the local currency, increasing revenue, and safeguarding the nation’s economic sovereignty.
Speaking in Abuja at the inauguration of the Ad-hoc Committee on Implementation and Oversight of the Naira-for-Crude Policy, the Speaker of the House, Rt. Hon. Abbas Tajudeen, PhD, said the 10th Assembly will use its legislative powers to guarantee transparency and inter-agency coordination.
Represented by the Minority Leader, Hon. Kingsley Chinda, Abbas described the committee’s assignment as a “critical intervention” that will determine the success of one of the country’s most ambitious energy reforms.
“This committee’s work is pivotal in ensuring the objectives of the policy are realised and that gaps in execution are quickly identified and addressed,” he said. “We expect a thorough, impartial, and well-documented process that supports economic stability and resilience.”
Abbas added that the initiative has far-reaching implications for foreign exchange stability, revenue mobilisation, and long-term energy security. He stressed that a legislative review would guide Parliament in assessing whether the framework is delivering as expected or requires adjustment.
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The Speaker reaffirmed the House’s support for President Bola Tinubu’s Renewed Hope Agenda, noting that the legislature would continue to work with all stakeholders to promote inclusive growth and protect national resources.
In his remarks, the Committee Chairman, Hon. Boniface Emerengwa, said the policy was timely given the volatility of the forex market and Nigeria’s overreliance on the dollar. He explained that denominating oil transactions in naira could help boost confidence in the currency, reduce pressure on reserves, and strengthen economic sovereignty.
Emerengwa assured that the committee would engage ministries, agencies, industry players, and experts to produce evidence-based recommendations on the policy’s sustainability and impact.
