The House of Representatives has inaugurated an ad-hoc committee to monitor the implementation of the Federal Government’s Naira-for-Crude Oil Policy, aimed at strengthening Nigeria’s economy by reducing dependence on foreign currencies.
Gatekeepers News reports that speaking at the inauguration in Abuja on Wednesday, Speaker Abbas Tajudeen described the move as a crucial step towards ensuring transparency, accountability, and effective execution of one of the Tinubu administration’s most ambitious economic reforms.
Represented by Minority Leader Kingsley Chinda, Abbas said the panel’s mandate covers monitoring implementation, ensuring inter-agency coordination, and assessing the policy’s overall impact on Nigeria’s fiscal and monetary landscape.
“Its 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,” Abbas said.
He added that the policy carries far-reaching implications for foreign exchange stability, revenue generation, and long-term energy security, stressing the need for a comprehensive review to determine its effectiveness and identify areas for adjustment.
The Speaker reaffirmed the 10th House’s commitment to President Bola Ahmed Tinubu’s Renewed Hope Agenda, pledging legislative support for economic policies that safeguard national resources and improve citizens’ welfare.
Committee Chairman Boniface Emerengwa said the Naira-for-Crude policy offers an innovative approach to maximising the value of Nigeria’s oil resources while strengthening the local currency.
“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 explained.
Emerengwa noted that the panel will critically assess the policy’s feasibility and sustainability, engage stakeholders across government and industry, and make evidence-based recommendations to guide the House.
