House Sets Up Committee to Track Naira-for-Crude Oil Policy

The House of Representatives has constituted an ad-hoc committee to monitor the rollout of the Federal Government’s Naira-for-Crude Oil Policy, a key economic initiative under President Bola Tinubu.

Unveiling the panel in Abuja on Wednesday, Speaker Abbas Tajudeen said the committee would provide oversight to guarantee transparency, inter-agency coordination, and effective execution of the policy.

He described the move as essential to safeguarding Nigeria’s economic and energy interests.

Represented by Minority Leader Kingsley Chinda, the Speaker emphasised that the House expects the committee to deliver a comprehensive review of the policy’s framework and its impact on the country’s fiscal and monetary stability.

“Its work is critical to ensuring that the objectives of the policy are met, and that any gaps in execution are promptly addressed. We expect nothing less than a thorough, impartial, and well-documented process that contributes to the stability of our economy,” Abbas said.

He further noted that the policy has wide implications for Nigeria’s revenue generation, foreign exchange stability, and long-term energy security, stressing that the 10th House remains committed to supporting Tinubu’s Renewed Hope Agenda while aligning legislative priorities with citizens’ needs.

The committee’s chairman, Boniface Emerengwa, underscored the urgency of the assignment, pointing out that despite Nigeria’s vast crude oil resources, the benefits have not sufficiently reflected in the lives of ordinary citizens.

According to him, the Naira-for-Crude initiative—if properly structured—will reduce overdependence on the dollar, ease pressure on foreign reserves, strengthen the local currency, and stimulate domestic economic activities.

“The committee will critically examine the sustainability of the policy, consult stakeholders across government and industry, and make evidence-based recommendations to guide the House,” he assured.