REPS VOW ACCOUNTABILITY, STRONG OVERSIGHT OF NAIRA-FOR-CRUDE POLICY
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By Sunmisola Shodayo
The House of Representatives has committed to ensuring transparency, accountability, and effective execution of the Federal Government’s Naira-for-Crude Oil Policy.
Speaker Abbas Tajudeen, represented by Minority Leader Kingsley Chinda, provided this assurance on Tuesday during the establishment of the Ad-hoc Committee on the Implementation and Oversight of the policy.
He characterized the initiative as a significant advancement towards enhancing efficiency and transparency within Nigeria’s energy sector, emphasizing that the committee bears a crucial obligation to oversee implementation, facilitate inter-agency collaboration, and assess 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 remarked.
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In highlighting the policy’s extensive ramifications for foreign exchange stability, revenue generation, and energy security, the Speaker indicated that a thorough evaluation will ascertain whether its objectives are being fulfilled and pinpoint necessary modifications.
He reiterated the 10th House’s dedication to supporting President Bola Ahmed Tinubu’s Renewed Hope Agenda, particularly in addressing economic challenges, protecting national resources, and enhancing the welfare of citizens.
Abbas underscored that stakeholder engagement will be pivotal to the committee’s efforts, urging members to approach their responsibilities with integrity, objectivity, and commitment.
Committee Chairman Hon. Boniface Emerengwa, in his comments, stated that Nigeria’s plentiful crude oil reserves have not consistently yielded optimal value for its citizens.
He elaborated that the fluctuations in foreign exchange markets and reliance on the dollar necessitate the exploration of 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 reserves, stimulate economic activities, and reinforce Nigeria’s sovereignty over its resources,” Emerengwa asserted.
He added that the committee’s charge is to meticulously evaluate the feasibility and sustainability of the initiative, engage with stakeholders across government and industry, and provide evidence-based recommendations to guide the House.
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