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By Tracy Moses, Abuja
The House of Representatives has pledged its commitment to the transparent implementation of the Federal Government’s Naira-for-Crude Oil Policy.
The policy, a key part of government’s efforts to reduce reliance on the US dollar in crude oil transactions and stabilise the local currency, has generated widespread attention amid Nigeria’s deepening foreign exchange challenges, dwindling reserves, and soaring import costs.
Lawmakers say their focus will be on ensuring the initiative meets its objectives, boosting the naira, improving revenue, and reinforcing economic sovereignty.
Speaking at the inauguration of the Ad-hoc Committee on Implementation and Oversight of the Naira-for-Crude Policy in Abuja on Wednesday, Speaker of the House, Rt. Hon. Abbas Tajudeen, pledged that the 10th House will fully deploy its legislative powers to oversee the policy’s rollout and ensure proper coordination among relevant agencies.
Represented by the Minority Leader, Hon. Kingsley Chinda, Speaker Abbas described the committee’s mandate as a “strategic legislative intervention” designed to review and strengthen one of Nigeria’s boldest energy reforms.
“This committee’s assignment is fundamental to ensuring the objectives of the policy are achieved and that any shortcomings in its implementation are swiftly identified and corrected,” Abbas said. “The House expects a meticulous, impartial, and well-documented process that enhances our economic resilience.”
He stressed that the policy’s success has far-reaching implications for foreign exchange stability, revenue generation, and long-term energy security. A robust legislative review, he added, will determine whether the policy framework is achieving its purpose or requires legislative adjustments.
“Such a review will provide clearer direction for Parliament in fulfilling its oversight duties,” he noted. “We have full confidence in the committee’s ability to deliver outcomes that meet the expectations of Nigerians and the mandate of this chamber.”
Abbas further reaffirmed the legislature’s commitment to advancing President Bola Ahmed Tinubu’s Renewed Hope Agenda, particularly in addressing economic challenges and promoting inclusive growth.
“Our goal is to ensure the legislature acts as a constructive partner by aligning its work with the aspirations of citizens and the government’s policy direction,” he said. “We are resolved to work across party lines and with stakeholders to promote sustainable growth, improve citizens’ welfare, and protect national resources for both current and future generations.”
The Speaker also emphasised the importance of collaboration, urging the committee to work closely with ministries, agencies, industry stakeholders, civil society organisations, and economic experts to strengthen public confidence in the policy’s execution.
“The task ahead requires diligence, courage, and a strong sense of purpose,” Abbas charged. “I encourage committee members to discharge their duties with integrity, objectivity, and dedication, fully aware that their recommendations will shape the policy’s future and directly affect millions of Nigerians.”
In his opening remarks, Hon. Boniface Emerengwa, Chairman of the committee, underscored the need for innovative strategies to maximise the country’s natural resource potential. He noted that despite Nigeria’s vast oil wealth, the benefits have not translated into significant economic value for citizens.
“With persistent forex volatility, overdependence on the dollar, and continued economic vulnerabilities, this policy is both timely and essential,” Emerengwa stated.
He explained that the Naira-for-Crude Policy aims to establish a system in which oil sales are increasingly conducted in local currency rather than foreign exchange. This, he said, would strengthen confidence in the naira, ease pressure on foreign reserves, stimulate domestic economic activities, and enhance Nigeria’s sovereignty over its natural resources.
Emerengwa assured that the committee would conduct an exhaustive assessment of the policy’s viability, sustainability, and potential impact while engaging extensively with stakeholders to produce evidence-based recommendations for the House.