The House of Representatives has established an ad-hoc committee to oversee the implementation of the Federal Government’s Naira-for-Crude Oil Policy, a key economic reform under President Bola Tinubu’s administration.
Inaugurated on Wednesday in Abuja, the committee is tasked with ensuring transparency, accountability, and effective execution of the initiative, which aims to strengthen Nigeria’s economy by promoting the use of the naira in crude oil transactions.
Speaker of the House Abbas Tajudeen, represented by Minority Leader Kingsley Chinda, emphasized the importance of the committee’s work. “Its work is critical to making sure the objectives of the policy are met, and that any gaps in execution are promptly addressed,” he said.
The Speaker noted that the policy has far-reaching implications for Nigeria’s foreign exchange stability, revenue generation, and long-term energy security. He expressed confidence that the committee would deliver results that align with the expectations of the House and the Nigerian people.
Chairman of the committee, Boniface Emerengwa, highlighted the potential benefits of the policy, stating, “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.”
The committee’s mandate includes critically examining the feasibility and sustainability of the policy, engaging with stakeholders across government and industry, and making evidence-based recommendations to guide the House.
Leave a comment