The Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, has pledged that the Green Chamber will uphold transparency, accountability, and the effective execution of the federal government’s Naira-for-Crude Oil Policy.
Speaking through the minority leader, Hon. Kingsley Chinda, during the launch of the Ad-hoc Committee tasked with overseeing the policy’s implementation, Abbas highlighted the initiative as a vital move to enhance transparency and operational efficiency within one of Nigeria’s key energy sector programs.
He emphasized that the committee’s mandate includes supervising the policy’s rollout, fostering coordination among relevant agencies, and evaluating its overall impact.
“The committee’s role is essential to guarantee that the policy’s goals are achieved and that any shortcomings in its application are swiftly rectified. The House anticipates a comprehensive, unbiased, and well-documented review that will contribute to economic stability,” he stated.
Abbas underscored the policy’s significant influence on Nigeria’s foreign exchange stability, revenue streams, and long-term energy security. He pointed out that a thorough assessment of the policy’s framework is necessary to verify its effectiveness and to recommend any needed modifications.
“This evaluation will provide the House with clearer insights to fulfill its legislative responsibilities. We have confidence that the committee will produce outcomes that align with the expectations of this chamber and the aspirations of the Nigerian people,” he added.
The Speaker reiterated the 10th House’s dedication to supporting President Bola Ahmed Tinubu’s Renewed Hope Agenda, especially in tackling the speaker-abbas-deputy-kalu-apc-celebrate-muslims-at-mawlud/” title=”… Abbas, Deputy Kalu, APC Celebrate Muslims At Mawlud”>economic challenges faced by Nigerians.
“Our commitment is to ensure the legislature acts as a genuine partner in national progress by aligning its objectives with the citizens’ needs and the government’s policy framework. We are determined to collaborate across party lines and with all stakeholders to foster sustainable development, improve the welfare of our people, and protect national assets for current and future generations,” he affirmed.
Abbas highlighted that engaging stakeholders will be a cornerstone of the committee’s efforts, stressing that cooperation with government bodies, industry experts, civil society, and other relevant parties will enrich the process and bolster public trust.
“This committee’s mission demands diligence, bravery, and a clear vision. I urge members to approach their duties with integrity, impartiality, and commitment, bearing in mind that their decisions will influence the policy and impact millions of Nigerians,” Abbas urged.
In his address, the committee chairman, Hon. Boniface Emerengwa, observed that despite Nigeria’s vast crude oil reserves, the full benefits have not always been realized by the populace.
He noted that fluctuations in foreign exchange markets, reliance on the US dollar, and economic fragility necessitate innovative approaches like the Naira-for-Crude Policy.
“This policy aims to establish a system where crude oil transactions are predominantly conducted in Naira instead of foreign currencies. If properly implemented, it will enhance confidence in the Naira, ease the strain on our foreign reserves, stimulate local economic growth, and strengthen Nigeria’s control over its natural resources,” he explained.
