Speaker of the House of Representatives, Hon. Abbas Tajudeen, on Wednesday harped on the need to ensure transparency, accountability and efficiency in the implementation of the Naira-for-Crude policy in one of the most critical policy initiatives in the nation’s energy sector.

Speaker Tajudeen stated this in Abuja during the inauguration of the ad-hoc committee on the implementation and oversight of the Naira-for-Crude oil policy, chaired by Hon. Emerengwa Sunday.

Speaking through the Minority Leader, Hon. Kingsley China, the Speaker explained that the “Committee has been entrusted with the important task of investigating the implementation, effectiveness, and inter-agency coordination of the Naira-for-Crude Oil Policy.

“Its work is vital to ensuring that the objectives of the policy are met and that any gaps in execution are identified and corrected. The House expects nothing less than a thorough, impartial, and well-documented process that will contribute to the overall stability of our economy.

“The Naira-for-Crude Oil Policy carries significant implications for Nigeria’s foreign exchange stability, revenue generation, and long-term energy security.

“A thorough examination of its framework will enable the Committee to determine whether the policy is achieving its intended objectives, identify any gaps in its implementation, and highlight areas where adjustments may be required.

“Such an assessment will provide the House with clearer guidance in exercising its legislative commitment, and we trust they will deliver results that meet the expectations of this chamber and the hopes of the people we serve.”

To this end, Tajudeen reiterated the 10th House of Representatives’ dedication towards “advancing the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration, with particular emphasis on tackling the economic challenges that continue to weigh heavily on Nigerians.

“Our resolve is to ensure that the legislature serves as a true partner in progress by aligning its priorities with the aspirations of the people and the policy direction of the government.

“We are committed to working collaboratively across party lines and with all relevant stakeholders to strengthen laws and policies that promote sustainable growth, enhance the welfare of Citizens, and safeguard the nation’s resources for present and future generations.”

While thanking the Chairman and members of the Committee for accepting this onerous responsibility, he acknowledged the readiness of all the stakeholders to support and contribute to oversight functions and in ensuring that the policy contributes meaningfully to national development.

“Honourable colleagues, stakeholder engagement will be central to this assignment, as meaningful results cannot be achieved in isolation. The involvement of government agencies, industry operators, civil society, and other key actors will give the committee a broad and balanced perspective.

“Such collaboration will help shape recommendations that are realistic, sustainable, and aligned with the national interest, while also strengthening public confidence in the work of the House.

“The task before this ad-hoc committee requires diligence, courage, and a clear sense of purpose. I urge members of the committee to carry out their work with integrity, objectivity, and dedication, bearing in mind that their deliberations and recommendations will shape the course of this policy and influence the well-being of millions of Nigerians.

“In doing so, they will strengthen our legislative processes and contribute to the progress of the nation. The House has full confidence in their competence and in the success of this initiative. Your partnership is crucial in ensuring that the objectives of this exercise are fully realised.

“As we commence deliberations, I encourage you to engage with open minds and to draw from your varied insights and experiences. We can only arrive at strong and meaningful resolutions that will guide the House in further legislative action through careful reflection and rigorous analysis.”

While speaking, Chairman, Ad-hoc Committee on the implementation and oversight of the Naira-for-Crude oil policy, Hon. Emerengwa Sunday, who observed that the critical assignment speaks directly to the heart of the nation’s economy, maintained that the assignment is both urgent and significant.

“Nigeria is blessed with abundant Crude Oil reserves, yet the benefits of this God-given resource have not always translated into maximum value for our people.

“The volatility of foreign exchange markets, over-dependence on the dollar, and the persistent challenges facing our economy make it imperative that we explore innovative ways to strengthen our currency, reduce external vulnerabilities, and secure long-term benefits for Nigerians.

“The Naira-for-Crude Oil Policy is one such innovation. It seeks to provide a framework where transactions in our crude oil sector can increasingly be denominated in Naira rather than in foreign currencies.

“The shift, if properly structured, will not only boost confidence in the Naira, but also reduce pressure on our foreign reserves, stimulate domestic economic activities, and enhance Nigeria’s sovereignty over its resources,” he noted.

According to him, the Committee’s mandate include but not limited to: Critically examine the feasibility, sustainability, and potential impact of the Naira-for-Crude Oil Policy; Engage with stakeholders across government, the Oil and Gas industry, financial institutions, and international partners; Identify possible risks, challenges, and opportunities inherent in this policy shift; and Make clear evidence-based recommendations that will guide the House in ensuring that this policy, if adopted, will serve the best interest of our economy and people as envisaged by the Renewed Hope Agenda of Mr. President.

“We are committed to discharging this mandate with utmost diligence, transparency, and inclusiveness. We shall consult widely, deliberate deeply, and place national interest above every other consideration.

“We are aware that bold reforms often come with scepticism. But history teaches us that nations that thrive are those that dare to innovate, adapt, and take ownership of their economic destiny.”

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