By Mercy Aikoye
The House of Representatives is ensuring transparency and accountability in the Naira-for-Crude Oil Policy. Speaker Abbas emphasized the need for a thorough review, saying, “We trust the committee to deliver results that meet the expectations of this chamber and the hopes of the people we serve.”
The policy aims to boost confidence in the Naira, reduce pressure on reserves, and stimulate economic activities. Hon. Emerengwa noted, “The policy seeks to create a framework where crude oil transactions are increasingly denominated in Naira rather than foreign currencies.”
The committee will examine the policy’s feasibility, engage stakeholders, and make recommendations. Speaker Abbas urged members to work with integrity and objectivity, stating, “The task before this committee requires diligence, courage, and a clear sense of purpose.”
Collaboration with government agencies, industry players, and civil society will enrich the process and strengthen public confidence.
The policy affects foreign exchange stability, revenue generation, and energy security. A review will help determine its effectiveness. Speaker Abbas noted, “Such an assessment will provide the House with clearer guidance in exercising its legislative commitment.”
The House is committed to transparency, accountability, and effective implementation.
The committee’s findings will inform the House’s decision-making and ensure the policy benefits Nigerians.
