The House of Representatives has inaugurated an ad-hoc committee to monitor the implementation of the federal government’s Naira-for-Crude Oil Policy, which requires countries buying Nigeria’s crude to pay in Naira.
At the inauguration in Abuja, Speaker Tajuddeen Abbas described the move as a vital step toward ensuring transparency, accountability, and efficiency in the management of one of Nigeria’s key energy policies.
He explained that the committee’s mandate includes assessing the policy’s implementation, effectiveness, and inter-agency coordination.
“Its work is vital to ensuring that the objectives of the policy are met and that any gaps in execution are identified and corrected,” Abbas said. “The House expects nothing less than a thorough, impartial, and well-documented process that will contribute to the overall stability of our economy.”
The Speaker stressed that the policy has major implications for Nigeria’s foreign exchange stability, revenue generation, and long-term energy security. He said stakeholder engagement would be central to the committee’s work, ensuring recommendations that are “realistic, sustainable, and aligned with the national interest.”
Committee Chairman Emerengwa Boniface Sunday said the Naira-for-Crude Oil Policy aims to reduce reliance on the dollar and strengthen the Naira.
“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 stated.
He added that the committee would examine the feasibility, sustainability, and impact of the policy; consult with stakeholders across government, the oil and gas industry, and financial institutions; and provide evidence-based recommendations in line with the Renewed Hope Agenda.
Lawmakers, industry stakeholders, financial institutions, and civil society groups attended the inauguration and pledged their support for the committee’s work.
