Reps Direct Strict Monitoring of Crude-for-naira Programme
The Speaker of the House of Representatives, Tajudeen Abbas, has expressed the readiness of the parliament to ensure the transparent and effective implementation of the Federal Government’s naira-for-crude oil policy.
The policy is part of the Federal Government’s broader economic initiative to stabilise the naira, improve energy security, and deepen local value addition within the country’s petroleum sector. It also aligns with the economic reform initiative of the Federal Government focused on reducing inflationary pressures, boosting domestic production, and improving Nigeria’s trade balance.
Represented by the House Minority Leader, Kingsley Chinda, at the inauguration of the Ad-hoc Committee on the Implementation and Oversight of the policy in Abuja on Wednesday, Abbas described the exercise as a crucial step aimed at strengthening transparency and efficiency in one of Nigeria’s most important energy sector reforms.
He said, “The committee’s work is critical to making sure the objectives of the policy are met, and that any gaps in execution are promptly addressed. The House expects nothing less than a thorough, impartial, and well-documented process that contributes to the stability of our economy.”
He also noted that the policy has wider implications for the nation’s foreign exchange stability, revenue generation, and long-term energy security, adding that a total overhaul of its framework will help determine whether the policy is meeting its goals and identify adjustments where necessary.
“Such an assessment will provide the House with clearer guidance in exercising its legislative commitment. We trust the Committee to deliver results that meet the expectations of this chamber and the hopes of the people we serve.
“Our resolve is to ensure the legislature remains a true partner in progress by aligning its priorities with the aspirations of the people and the policy direction of government. We are committed to working across party lines and with all stakeholders to promote sustainable growth, enhance citizens’ welfare, and safeguard national resources for present and future generations,” he added.
Abbas further called on stakeholders, including government agencies, industry players, and civil society organisations, among others, to collaborate with the Committee to deliver a pro-Nigerian outcome for the good of the country.
“The task before this committee requires diligence, courage, and a clear sense of purpose. I urge members to carry out their assignment with integrity, objectivity, and dedication, mindful that their deliberations will shape the policy and affect the well-being of millions of Nigerians,” the Speaker stressed.
On his part, the Chairman of the Committee, Boniface Emerengwa, lamented that despite Nigeria’s abundant crude oil reserves, the dividends therein are yet to trickle down to the citizens.
He argued that the volatility of foreign exchange markets, dependence on the dollar, and economic vulnerabilities make it necessary to explore innovative solutions such as the naira-for-crude policy.
“The policy seeks to create a framework where crude oil transactions are increasingly denominated in naira rather than foreign currencies. If well-structured, it will boost confidence in the naira, reduce pressure on our reserves, stimulate domestic economic activities, and reinforce Nigeria’s sovereignty over its resources,” he said.