Speaker of the House of Representatives, Hon. Tajudeen Abbas, has said the Naira-for-Crude Oil Policy carries significant implications for Nigeria’s foreign exchange stability and revenue generation.
Abbas, who stated this while inaugurating the Ad hoc Committee on the Implementation and Oversight of the Naira-for-Crude Oil Policy reaffirmed that the House was committed to the Renewed Hope Agenda of the President Bola Tinubu administration.
“The Naira-for-Crude Oil Policy carries significant implications for Nigeria’s foreign exchange stability, revenue generation, and long-term energy security.
“A thorough examination of its framework will enable the committee to determine whether the policy is achieving its intended objectives, identify any gaps in its implementation, and highlight areas where adjustments may be required.
“Such an assessment will provide the House with clearer guidance in exercising its legislative commitment, and we trust they will deliver results that meet the expectations of this chamber and the hopes of the people we serve”
Abbas, who was represented by the minority leader, Hon. Kingsley China noted that “This exercise is imperative as it marks a critical step towards ensuring transparency, accountability, and efficiency in one of the most critical policy initiatives in our energy sector.
“This committee has been entrusted with the important task of investigating the implementation, effectiveness, and inter-agency coordination of the Naira-for-Crude Oil Policy. Its work is vital to ensuring that the objectives of the policy are met and that any gaps in execution are identified and corrected.
“The House expects nothing less than a thorough, impartial, and well-documented process that will contribute to the overall stability of our economy”.
According to him, “The 10th House of Representatives remains dedicated to advancing the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration, with particular emphasis on tackling the economic challenges that continue to weigh heavily on Nigerians.
“Our resolve is to ensure that the legislature serves as a true partner in progress by aligning its priorities with the aspirations of the people and the policy direction of the government.
“We are committed to working collaboratively across party lines and with all relevant stakeholders to strengthen laws and policies that promote sustainable growth, enhance the welfare of citizens, and safeguard the nation’s resources for present and future generations”.
In his welcome address, the chairman of the Ad hoc Committee, Hon. Benjamin Emerengwa said the volatility of foreign exchange markets, over-dependence on the dollar, and the persistent challenges facing our economy make it imperative that the government explore innovative ways to strengthen the naira currency, reduce external vulnerabilities, and secure long-term benefits for Nigerians.
He said “The Naira-for-Crude Oil Policy is one such innovation. It seeks to provide a framework where transactions in our crude oil sector can increasingly be denominated in Naira rather than in foreign currencies.
“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.
“Our mandate is to include but not limited to: Critically examine the feasibility, sustainability, and potential impact of the Naira-for-Crude Oil Policy, Engage with stakeholders across government, the Oil and Gas industry, financial institutions, and international partners, identify possible risks, challenges, and opportunities inherent in this policy shift and make clear evidence-based recommendations that will guide the House in ensuring that this policy, if adopted, will serve the best interest of our economy and people as envisaged by the Renewed Hope Agenda of Mr. President.
“We are committed to discharging this mandate with utmost diligence, transparency, and inclusiveness. We shall consult widely, deliberate deeply, and place national interest above every other consideration”, he assured.