The Speaker of the House of Representatives, Tajudeen Abba, has formally inaugurated an Ad hoc Committee tasked with supervising the implementation of the Federal Government’s Naira-for-Crude Oil policy.
Speaking during the inauguration ceremony on Wednesday, Abba described the initiative as a milestone in ensuring transparency and accountability in Nigeria’s oil and gas sector. According to him, the committee’s mandate will focus on examining the effectiveness, inter-agency coordination, and long-term viability of the new policy.
“The responsibility before this ad-hoc committee demands diligence, integrity, and a sense of national duty,” the Speaker stated. “Your findings and recommendations will not only shape the success of this policy but also influence the future well-being of millions of Nigerians.”
Abba emphasized that the Naira-for-Crude Oil policy is central to Nigeria’s economic stability, revenue generation, and energy security. He added that the 10th House of Representatives remains committed to supporting President Bola Tinubu’s Renewed Hope Agenda, particularly in addressing the economic burdens facing citizens.
The Speaker also called on the committee to prioritize stakeholder engagement, stressing the importance of involving government agencies, oil industry operators, civil society groups, and financial institutions to deliver a holistic outcome.
In his response, Committee Chairman Rep. Boniface Emerengwa (PDP–Rivers) expressed appreciation to the leadership of the House for entrusting them with the assignment. He acknowledged Nigeria’s vast oil reserves but lamented that the sector has not always delivered maximum value to citizens due to challenges such as FX volatility and dollar dependence.
Emerengwa outlined the committee’s mandate to include assessing the feasibility of the policy, identifying risks and opportunities, and engaging with both domestic and international stakeholders to shape evidence-based recommendations.
“History has shown that nations thrive when they embrace bold reforms,” he said. “We will work with transparency, diligence, and inclusivity to ensure this initiative strengthens our economy and safeguards Nigeria’s future.”
The committee pledged to consult widely, deliberate thoroughly, and put national interest above all other considerations as it embarks on its assignment.
