{"id":122475,"date":"2025-09-24T20:15:28","date_gmt":"2025-09-24T19:15:28","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=122475"},"modified":"2025-09-24T20:15:28","modified_gmt":"2025-09-24T19:15:28","slug":"reps-to-oversight-naira-for-crude-policy-implementation","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/reps-to-oversight-naira-for-crude-policy-implementation\/","title":{"rendered":"Reps to Oversight Naira-for-Crude Policy Implementation"},"content":{"rendered":"
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By Tracy Moses, Abuja<\/div>\n
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The House of Representatives has pledged its commitment to the transparent implementation of the Federal Government\u2019s Naira-for-Crude Oil Policy.<\/div>\n
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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\u2019s deepening foreign exchange challenges, dwindling reserves, and soaring import costs.<\/div>\n
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Lawmakers say their focus will be on ensuring the initiative meets its objectives, boosting the naira, improving revenue, and reinforcing economic sovereignty.<\/div>\n
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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\u2019s rollout and ensure proper coordination among relevant agencies.<\/div>\n
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Represented by the Minority Leader, Hon. Kingsley Chinda, Speaker Abbas described the committee\u2019s mandate as a \u201cstrategic legislative intervention\u201d designed to review and strengthen one of Nigeria\u2019s boldest energy reforms.<\/div>\n
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“This committee\u2019s assignment is fundamental to ensuring the objectives of the policy are achieved and that any shortcomings in its implementation are swiftly identified and corrected,\u201d Abbas said. \u201cThe House expects a meticulous, impartial, and well-documented process that enhances our economic resilience.\u201d<\/div>\n
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He stressed that the policy\u2019s 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.<\/div>\n
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“Such a review will provide clearer direction for Parliament in fulfilling its oversight duties,\u201d he noted. \u201cWe have full confidence in the committee\u2019s ability to deliver outcomes that meet the expectations of Nigerians and the mandate of this chamber.\u201d<\/div>\n
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Abbas further reaffirmed the legislature\u2019s commitment to advancing President Bola Ahmed Tinubu\u2019s Renewed Hope Agenda, particularly in addressing economic challenges and promoting inclusive growth.<\/div>\n
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“Our goal is to ensure the legislature acts as a constructive partner by aligning its work with the aspirations of citizens and the government\u2019s policy direction,\u201d he said. \u201cWe are resolved to work across party lines and with stakeholders to promote sustainable growth, improve citizens\u2019 welfare, and protect national resources for both current and future generations.\u201d<\/div>\n
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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\u2019s execution.<\/div>\n
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“The task ahead requires diligence, courage, and a strong sense of purpose,\u201d Abbas charged. \u201cI encourage committee members to discharge their duties with integrity, objectivity, and dedication, fully aware that their recommendations will shape the policy\u2019s future and directly affect millions of Nigerians.\u201d<\/div>\n
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In his opening remarks, Hon. Boniface Emerengwa, Chairman of the committee, underscored the need for innovative strategies to maximise the country\u2019s natural resource potential. He noted that despite Nigeria\u2019s vast oil wealth, the benefits have not translated into significant economic value for citizens.<\/div>\n
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“With persistent forex volatility, overdependence on the dollar, and continued economic vulnerabilities, this policy is both timely and essential,\u201d Emerengwa stated.<\/div>\n
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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\u2019s sovereignty over its natural resources.<\/div>\n
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Emerengwa assured that the committee would conduct an exhaustive assessment of the policy\u2019s viability, sustainability, and potential impact while engaging extensively with stakeholders to produce evidence-based recommendations for the House.<\/div>\n
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