Reps Set To Examine FG’s Naira-For-Crude Oil Policy

The House of Representatives has inaugurated a special committee to examine the federal government’s Naira-for-Crude Oil policy, a plan intended to reduce pressure on foreign reserves by conducting oil transactions in the local currency instead of the U.S. dollar.

Inaugurating the adhoc Committee on the implementation and oversight of the policy, in Abuja, the Speaker of the House, Dr Abbas Tajudeen said the committee would evaluate the policy’s effectiveness, identify gaps in implementation, and ensure coordination among government agencies.

Represented by House Minority Leader, Mr Kingsley Chinda, Dr Abbas stressed that the initiative carried far-reaching implications for Nigeria’s foreign exchange stability, revenue generation and long-term energy security.

The Speaker urged the committee to adopt a transparent and impartial approach that would strengthen public trust.

He reaffirmed that the 10th House remains committed to supporting President Bola Ahmed Tinubu’s Renewed Hope Agenda, particularly in addressing economic challenges confronting Nigerians.

“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,” the Speaker said.

“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,” he said
“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 said.

He emphasized that stakeholder engagement will be central to the committee’s work, noting that collaboration with government agencies, industry players, civil society, and other actors would enrich the process and strengthen public confidence.

“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,” Abbas charged.

In his remarks, the Chairman of the Committee, Mr Boniface Emerengwa, expressed worry that despite Nigeria’s abundant crude oil reserves, the benefits have not always translated into maximum value for citizens.

He noted 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 explained.

Emerengwa added that the committee’s mandate is to critically examine the feasibility and sustainability of the policy, engage with stakeholders across government and industry, and make evidence-based recommendations to guide the House.

Oduyemi Odumade, Edited By Grace Namiji