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.
