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Speaker Abbas Pledges Openness in Naira-for-Crude Initiative
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By Gloria Ikibah
Speaker House of Representatives, Rt. Hon. Abbas Tajudeen, has assured Nigerians that the legislature will ensure openness, accountability, and proper oversight in the Federal Government’s Naira-for-Crude Oil initiative.
Represented by Minority Leader Kingsley Chinda at the inauguration of the Ad-hoc Committee on Implementation and Oversight of the policy, Speaker Abbas described the move as a key step in improving transparency and efficiency in one of the country’s most critical energy reforms.
He explained that the committee has been tasked with monitoring implementation, strengthening coordination among agencies, and assessing the policy’s overall impact.
“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.
Abbas pointed out that the initiative carries wide-ranging implications for Nigeria’s foreign exchange stability, revenue generation, and long-term energy security. He emphasised the need for a full review of its framework to determine whether it is achieving its intended goals and to highlight areas that may require adjustment.
Abbas reaffirmed the commitment of the 10th House to President Bola Tinubu’s Renewed Hope Agenda, and stressed that the legislature remains determined to play its role in tackling the country’s economic challenges.
“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.
“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 further noted that broad engagement will be vital to the committee’s success, adding that cooperation with government bodies, industry representatives, civil society, and other key actors will strengthen the process and build public trust.
“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.
Chairman of the Ad-hoc Committee, Rep. Boniface Emerengwa, in his remarks, highlighted that despite Nigeria’s vast crude oil reserves, citizens have not always enjoyed commensurate benefits.
He stated that the volatility of foreign exchange markets, the over-reliance on the dollar, and wider economic pressures necessitate innovative measures such as the Naira-for-Crude arrangement.
“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 stated.
Emerengwa added that the committee’s responsibility is to rigorously assess the policy’s feasibility and sustainability, consult with stakeholders across government and industry, and produce evidence-based recommendations to guide the House in its oversight role.
News
Peter Obi Berates Tinubu For Asking U.S. Court To Withhold Records
The 2027 presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has slammed President Bola Tinubu over his legal bid to prevent the release of records held by United States law enforcement agencies concerning past investigations involving him.
Obi, who described the development as “profoundly embarrassing,” argued that a sitting president should have the courage to confront questions surrounding his past rather than seek to shield such records from public scrutiny.
In a statement issued on Monday while reflecting on the state of the country, the former governor of Anambra state said his loyalty to Nigeria remained unwavering, adding that he had never sought citizenship of another country despite opportunities to do so.
He said he was saddened by the direction Nigeria was taking, particularly the example being set by those occupying positions of authority.
“It is profoundly embarrassing that we have reached a point where a sitting President is asking a foreign court to withhold records concerning his past, particularly records relating to matters of legitimate public interest,” Obi said.
According to him, leadership requires “courage and humility” to confront one’s history, acknowledge mistakes, explain controversial issues and apologise where necessary.
Obi noted that questions concerning a leader’s educational background, particularly foundational schooling at the primary and secondary levels, should not remain unresolved or be addressed mainly through legal proceedings.
“Nigerians deserve clear, credible, and verifiable explanations, especially when such had been submitted in the past,” he said.
The former governor said the issue was particularly significant because of the example it could set for millions of young Nigerians in schools.
He maintained that the Presidency should represent integrity, accountability, transparency and ethical leadership, insisting that an imperfect past should not necessarily define an individual if the person is willing to confront it honestly.
Obi’s comments followed recent legal proceedings in the United States in which Tinubu asked a federal court to reject efforts by transparency activist Aaron Greenspan to obtain records relating to past investigations involving the Nigerian leader.
Greenspan had instituted a Freedom of Information Act (FOIA) case before the U.S. District Court for the District of Columbia, seeking records from the U.S. Department of Justice, Federal Bureau of Investigation (FBI) and Drug Enforcement Administration (DEA).
Among the records sought are the FBI’s complete file on Tinubu, including Form 302 interview records relating to the period between 1992 and 1993.
The case also involves records allegedly connected to a 1993 civil forfeiture proceeding in the U.S. concerning approximately $460,000 linked to Tinubu.
Tinubu’s legal team, comprising Christopher W. Carmichael, Victor P. Henderson and Oluwole O. Afolabi, filed a 16-page submission urging the court to protect their client’s privacy interests.
The lawyers argued that the existence of information previously disclosed in connection with the forfeiture proceedings did not amount to a public disclosure of the contents or outcome of any possible criminal investigation.Geographic Reference
They further maintained that an individual’s privacy interest in government investigative files could remain intact even where portions of such information had previously entered the public domain.
Tinubu’s lawyers urged the court to reject Greenspan’s motion for summary judgment and uphold the FBI and DEA’s withholding of the requested materials under applicable U.S. privacy and transparency law.
Reacting to the broader implications, Obi asked Nigeria’s political class to recognise that political ambitions are temporary, while the country and the values established by its leaders endure.
“When will our political class fully appreciate that individual ambitions are temporary, while the nation endures?” he asked.
“The Presidency is an office held for a season; the moral standards established by those who occupy it can influence generations.
“Nigeria is greater than any one person, and the integrity of the Republic must always come before the interests of the individual,” he added.
News
Intoxicated Pilot Crashes Stolen Plane Near Nuclear Site
A 24-year-old pilot allegedly stole a plane while drunk and flew towards a nuclear power plant in Hungary, triggering a major emergency response before the aircraft crashed in a sunflower field.
The worrying flight path of the Cessna 172 entered the no-fly zone around Hungary’s largest nuclear power plant and triggered an alert on military radar.
Hungarian air force officials quickly mobilised a task force, with several fighter jets sent to intercept the aircraft.
The mid-air operation lasted only a few minutes before the pilot unexpectedly crash-landed in a sunflower field around four miles from the plant. Aerial footage showed a flattened trail through the sunflowers where the aircraft had bulldozed its way across the field.
The pilot was uninjured, but the Cessna 172 was left badly damaged after the crash. Police allege that the aircraft had been stolen from Kalocsa Airport. Following the emergency landing, the suspect allegedly attempted to flee the scene on foot, heading along a nearby road.
He was then spotted “in a distressed state” by a passing driver.
Police said the man attempted to take over the driver’s car, forcing the motorist to fight him off.
Officers said the allegedly intoxicated pilot “was stopped in time” before he could take control of the vehicle.
Police arrested the man at the scene and took him in for questioning.
Officers said testing would establish whether he had been under the influence of alcohol or other substances at the time of the incident.
The nuclear power plant, which supplies around 50 per cent of Hungary’s electricity, was not damaged during the incident.
Police are now investigating how the man allegedly managed to steal the aircraft and take off without being stopped.
The incident has also raised questions over how the aircraft was able to enter the restricted airspace around the nuclear facility before military authorities responded. It is not the first time an allegedly intoxicated pilot has been arrested.
Earlier this month, an allegedly intoxicated pilot was escorted from a plane by police just minutes before takeoff in Georgia, US.
David Allsop, 52, was removed from his flight in front of stunned passengers and subsequently had his pilot’s licence revoked. After being questioned by police, Allsop reportedly admitted that he had drunk “a few beers” the night before. He then suggested that the smell officers noticed had come from his nicotine gum.
News
Strange Island Appears And Then Vanishes In Canadian Reservoir
A huge floating island covered in trees mysteriously appeared in a Canadian reservoir before vanishing just weeks later, leaving officials unsure where the bizarre landmass has gone.
The strange sighting occurred at British Columbia’s Williston Reservoir, where boaters spotted what appeared to be a fully formed island drifting through the water. The floating mass was enormous, measuring roughly the equivalent of two NFL football fields.
Satellite imagery taken on July 21 confirmed that the unusual landmass was real and showed it floating about 60 miles west of the W.A.C.
Bennett Dam. But by August 5, the island had disappeared from satellite images.
The utility responsible for managing the reservoir has yet to determine exactly what happened to it.
A spokesperson told CBC that the island may not have sunk at all, suggesting it could have drifted back towards the shoreline or moved into a more sheltered section of the vast reservoir. Officials believe unusually high water levels may have helped tear the island away from the shoreline, after which strong winds could have carried it across the reservoir.
The mysterious disappearance has left the possibility that the huge mass of vegetation is still somewhere on the reservoir, hidden from view. For now, officials have no confirmed explanation for exactly where the floating island ended up meaning the vast reservoir may still be home to a runaway island.
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