By Paul Effiong, Abuja
Speaker of the House of Representatives, Tajudeen Abbas has assured Nigerians that the House would ensure transparency, accountability and effective implementation of the federal government’s Naira For Crude Oil Policy.
The speaker gave the assurance while inagurating an ad-hoc committee on the implementation and oversight of the policy at the National Assembly Complex in Abuja, yesterday.
Represented by the Minority Leader, Kingsley Chinda, the speaker tasked members of the committee to be fair and delegent in their assignment.
Describing the initiative as a crucial step towards strengthening transparency and efficiency in one of Nigeria’s most important energy sector reforms, Abbas noted that the ad-hoc committee was mandated to monitor the policy’s execution, ensure proper inter-agency coordination, as well as assess its overall effectiveness in line with national economic goals.
“Its work is critical in making sure that the objectives of the policy are met and that any gap in execution is promptly addressed. The House expects nothing less than a thorough, impartial and well-documented process that contributes to the stability of our economy,” he said.
The speaker emphasised that the Naira-for-Crude Oil Policy carries far-reaching implications for Nigeria’s foreign exchange stability, revenue generation and long-term energy security, maintaining that a comprehensive review of the policy framework would determine its viability and necessary adjustments.
“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 hope of the people we serve,” he added.
Abbas informed that the 10th House under his leadership remains committed to supporting President Bola Tinubu’s Renewed Hope Agenda, particularly in the area of addressing the economic challenges confronting Nigerians.
According to him, the legislature will continue to work across party lines to safeguard national resources and promote citizens welfare, stressing the importance of stakeholders engagement in achieving success in the committee’s assignment.
He equally solicited collaboration with government agencies, industry players, civil society groups and other actors to enrich the process and build public confidence in the policy.
In his remarks, Chairman of the committee, Boniface Emerengwa explained that despite Nigeria’s vast crude oil reserves, the benefits had not always translated into maximum value for citizens.
He noted that the volatility of foreign exchange markets makes the Naira for Crude Oil Policy an innovative approach to stabilise the economy and strengthen the naira, as well as implement and reinforce Nigeria’s sovereignty over its resources.
