The House of Representatives has vowed to ensure transparency, accountability, and effective implementation of the Federal Government’s Naira for Crude Oil Policy.
This policy aims to create a framework where crude oil transactions are increasingly denominated in Naira rather than foreign currencies. According to Hon. Boniface Emerengwa, Committee Chairman, “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”.
The policy has far-reaching implications for foreign exchange stability, revenue generation, and energy security. Speaker Abbas Tajudeen emphasized that a comprehensive review will determine whether the policy’s goals are being met and identify necessary adjustments. “The House expects nothing less than a thorough, impartial, and well-documented process that contributes to the stability of our economy,” Abbas said.
The Ad-hoc Committee on Implementation and Oversight will monitor the policy’s implementation, ensure inter-agency coordination, and evaluate its effectiveness. The committee’s mandate includes critically assessing the policy’s feasibility, sustainability, and potential impact, engaging with stakeholders to produce evidence-based recommendations to guide legislative decision-making.
The committee’s work is vital to ensuring the policy’s objectives are met, and any gaps in execution are identified and corrected. Abbas urged members to conduct their assignment with integrity, objectivity, and dedication, bearing in mind the policy’s impact on millions of Nigerians. “This committee’s work is pivotal in ensuring the objectives of the policy are realised and that any gaps in its execution are promptly identified and addressed,” he added.
The Naira for Crude Policy is expected to strengthen the country’s economy and promote inclusive growth. Over 48 million barrels of crude oil have been supplied to local refineries and paid for in Naira, with monthly supply schedules in place to help refineries plan better and avoid disruptions.
The House of Representatives is committed to supporting President Bola Ahmed Tinubu’s Renewed Hope Agenda, particularly in tackling economic challenges and promoting inclusive growth. By engaging with stakeholders and evaluating the policy’s effectiveness, the committee aims to make recommendations that will guide the House in making informed decisions.