The Speaker of the House of Representatives, Tajudeen Abbas, on Wednesday inaugurated an Ad hoc committee to oversight the implementation of the Naira-for-Crude Oil policy of the Federal Government.
Speaking at the ceremony, Abbas said that the inauguration marked a critical step towards ensuring transparency, accountability, and efficiency in one of the most critical policy initiatives in the energy sector.
He said that the committee had been entrusted with the important task of investigating the implementation, effectiveness, and inter-agency coordination of the Naira-for-Crude Oil policy.
The speaker said that the house expected nothing less than a thorough, impartial, and well-documented process that will contribute to the overall stability of the economy from the committee.
“The task before this ad-hoc committee requires diligence, courage, and a clear sense of purpose.
“I urge members of the committee to carry out their work with integrity, objectivity, and dedication, bearing in mind that their deliberations and recommendations will shape the course of this policy and influence the well-being of millions of Nigerians.
“In doing so, they will strengthen our legislative processes and contribute to the progress of the nation.
“The house has confidence in their competence and in the success of this initiative. Your partnership is crucial in ensuring that the objectives of this exercise are fully realized,” he said.
Abbas explained that the Naira-for-Crude Oil policy carried significant implications for Nigeria’s foreign exchange stability, revenue generation, and long-term energy security.
The speaker said that the 10th House of Representatives remained dedicated to advancing the Renewed Hope Agenda of President Bola Tinubu’s administration.
He said that the house is particular on tackling the economic challenges that continue to weigh heavily on Nigerians.
Abbas advised the committee that stakeholders’ engagement would be central to the new assignment, as meaningful results cannot be achieved in isolation.
He said that the involvement of government agencies, industry operators, civil society, and other key actors will give the committee a broad and balanced perspective.
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According to him, such collaboration will help shape recommendations that are realistic, sustainable, and aligned with the national interest, while also strengthening public confidence in the work of the legislature.
In his remarks, the Chairman of the committee, Boniface Emerengwa (PDP-Rivers) lauded the leadership of the house for entrusting the committee with the critical assignment.
He said that Nigeria is blessed with abundant crude oil reserves, yet the benefits had not always translated into maximum value for the people.
Emerengwa said that the volatility of foreign exchange markets, over-dependence on the dollar, and the persistent challenges facing the economy made it imperative to explore innovative ways to strengthen the currency, reduce external vulnerabilities, and secure long-term benefits for Nigerians.
“The task before this committee is therefore both urgent and significant; our mandate includes but not limited to critically examine the feasibility, sustainability, and potential impact of the Naira-for-Crude Oil policy.
“Engage with stakeholders across government, the Oil and Gas industry, financial institutions, and international partners and Identify possible risks, challenges, and opportunities inherent in this policy shift.
“Make clear evidence-based recommendations that will guide the house in ensuring that this policy, if adopted, will serve the best interest of our economy and people as envisaged by the Renewed Hope Agenda of Mr. President.
“We are committed to discharging this mandate with utmost diligence, transparency, and inclusiveness. We shall consult widely, deliberate deeply, and place national interest above every other consideration.
“We are aware that bold reforms often come with skepticism but history teaches us that nations that thrive are those that dare to innovate, adapt, and take ownership of their economic destiny.
“On behalf of my colleagues, I assure this House and the Nigerian people that we shall justify the confidence reposed in us,” he said.
The chairman solicited for the support of the house, the cooperation of stakeholders, and the guidance of divine providence for the mission.
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