The Speaker of the House of Representatives, Rep. Tajudeen Abbas, on Wednesday inaugurated an ad hoc committee to oversight the implementation of the Federal Government’s Naira-for-Crude Oil policy.
Abbas said the step was crucial to ensuring transparency, accountability, and efficiency in one of the country’s most critical policy initiatives in the energy sector.
He explained that the committee had been mandated to investigate the policy’s implementation, effectiveness, and inter-agency coordination, stressing that the House expected a thorough, impartial, and well-documented process that would strengthen the economy.
“The task before this ad hoc committee requires diligence, courage, and a clear sense of purpose,” the Speaker said. “Your deliberations and recommendations will shape the course of this policy and influence the well-being of millions of Nigerians.”
Abbas noted that the policy carried far-reaching implications for Nigeria’s foreign exchange stability, revenue generation, and long-term energy security. He reaffirmed the 10th House’s commitment to supporting President Bola Tinubu’s Renewed Hope Agenda, particularly in addressing the economic challenges facing Nigerians.
The Speaker urged the committee to prioritise stakeholder engagement, saying broad consultation with government agencies, industry operators, civil society, and other key actors would ensure balanced and realistic recommendations aligned with national interest.
In his remarks, the committee chairman, Rep. Boniface Emerengwa (PDP–Rivers), commended the House leadership for entrusting them with the assignment. He noted that despite Nigeria’s abundant crude oil reserves, the benefits had not always translated into value for citizens due to volatility in the foreign exchange market, overdependence on the dollar, and other economic pressures.
Emerengwa said the committee would critically examine the feasibility, sustainability, and impact of the policy, engage stakeholders across sectors, and identify risks and opportunities.
“We shall consult widely, deliberate deeply, and place national interest above every other consideration,” he said, adding that bold reforms often attract skepticism but are necessary for nations seeking to take ownership of their economic destiny.
He assured Nigerians that the committee would discharge its mandate with diligence, transparency, and inclusiveness while seeking the cooperation of stakeholders and divine guidance.
