The House of Representatives has vowed to ensure transparency, accountability and effective implementation of the Federal Government’s Naira-for-Crude Oil Policy.
Speaker Abbas Tajudeen made this vow at the inauguration of the Ad-hoc Committee on the Implementation and Oversight of the policy.
Abbas described the exercise as a crucial step toward strengthening efficiency and transparency in Nigeria’s energy sector, stressing that the committee has a vital responsibility to monitor implementation, ensure inter-agency coordination, and evaluate the policy’s effectiveness.
“The House expects nothing less than a thorough, impartial, and well-documented process that contributes to the stability of our economy,” Abbas said.
While highlighting the policy’s far-reaching implications for foreign exchange stability, revenue generation, and energy security, the Speaker noted that a comprehensive review will determine whether its goals are being met and identify necessary adjustments.
He reaffirmed the 10th House’s commitment to supporting President Bola Ahmed Tinubu’s Renewed Hope Agenda, particularly in tackling economic challenges, safeguarding national resources, and promoting citizens’ welfare.
He stressed that stakeholder engagement will be central to the committee’s work, urging members to conduct their assignment with integrity, objectivity, and dedication.
In his remarks, Committee Chairman, Boniface Emerengwa, said Nigeria’s abundant crude oil reserves have not always delivered maximum value for citizens.
According to him, the volatility of foreign exchange markets and dependence on the dollar make it necessary to explore innovative solutions like the Naira-for-Crude Policy.
We’ll ensure accountable oversight of Naira-for-Crude Policy – Reps vow