Speaker of the House of Representatives, Tajudeen Abbas, has affirmed the parliament’s commitment to ensuring transparent and effective implementation of the Federal Government’s naira-for-crude oil policy.

The initiative, designed to stabilise the naira, enhance energy security, and boost local value addition in the petroleum sector, also supports the government’s wider economic reforms to curb inflation, stimulate domestic production, and improve Nigeria’s trade balance.

Abbas, represented by House Minority Leader, Kingsley Chinda, at the inauguration of the Ad-hoc Committee on Implementation and Oversight of the policy in Abuja on Wednesday, described the move as a vital step toward strengthening transparency and efficiency in one of the nation’s key energy reforms.

He said, “The committee’s work is critical to making sure the objectives of the policy are met, and that any gaps in execution are promptly addressed. The House expects nothing less than a thorough, impartial, and well-documented process that contributes to the stability of our economy.”

He further noted that the policy carries broader implications for foreign exchange stability, revenue generation, and long-term energy security. According to him, a comprehensive review of its framework is essential to assess whether the initiative is achieving its objectives and to guide 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 hopes of the people we serve.

“Our resolve is to ensure the legislature remains a true partner in progress by aligning its priorities with the aspirations of the people and the policy direction of government. We are committed to working across party lines and with all stakeholders to promote sustainable growth, enhance citizens’ welfare, and safeguard national resources for present and future generations,” he added.

Abbas also urged stakeholders—including government agencies, industry operators, and civil society organisations—to work closely with the Committee in order to deliver a pro-Nigerian outcome that serves the nation’s best interests.

“The task before this committee requires diligence, courage, and a clear sense of purpose. I urge members to carry out their assignment with integrity, objectivity, and dedication, mindful that their deliberations will shape the policy and affect the well-being of millions of Nigerians,” the Speaker emphasized.

In his remark, Committee Chairman, Boniface Emerengwa, lamented that despite Nigeria’s vast crude oil reserves, the benefits have yet to translate into real gains for citizens.

He stressed that the volatility of foreign exchange markets, reliance on the dollar, and other economic vulnerabilities underscore the need for innovative measures such as the naira-for-crude policy.