The House of Representatives has pledged strict oversight of the Federal Government’s Naira-for-Crude Oil Policy to ensure transparency, accountability and effective implementation.
Speaker Abbas Tajudeen, represented by Minority Leader Kingsley Chinda, made the pledge on Tuesday at the inauguration of an ad hoc committee tasked with monitoring the policy.
He said the committee has a duty to track implementation, foster inter-agency coordination, and assess the policy’s impact on the economy.
“The House expects nothing less than a thorough, impartial, and well-documented process that contributes to the stability of our economy,” Abbas said.
He highlighted the policy’s implications for foreign exchange stability, revenue generation and energy security, stressing that its success or failure will depend on regular review and stakeholder engagement.
Committee chairman Boniface Emerengwa said Nigeria’s vast crude reserves had not always translated into value for citizens, and argued that denominating oil transactions in Naira rather than foreign currencies could strengthen the local currency, reduce pressure on reserves and reinforce sovereignty over natural resources.
He added that the panel would evaluate the policy’s feasibility, sustainability and potential economic impact, while making evidence-based recommendations to the House.
