Naija Blog reports that the House of Representatives has inaugurated an ad-hoc committee to monitor the implementation of the Federal Government’s Naira-for-Crude Oil Policy, a key economic reform aimed at strengthening the local currency and reducing reliance on foreign exchange.

Speaking at the inauguration in Abuja on Wednesday, Speaker Abbas Tajudeen, represented by Minority Leader Kingsley Chinda, described the committee as crucial for ensuring transparency, accountability, and effective execution of the Tinubu administration’s economic agenda.

He emphasized that the panel’s mandate includes monitoring implementation, ensuring inter-agency coordination, and assessing the policy’s impact on Nigeria’s fiscal and monetary system.

“The work of this committee is critical in ensuring the objectives of the policy are met, and that any gaps are quickly addressed. We expect nothing less than a thorough, impartial, and well-documented process that will help stabilize our economy,” Abbas said.

The Speaker also reaffirmed the 10th House’s support for President Bola Ahmed Tinubu’s Renewed Hope Agenda, pledging legislative backing for policies that safeguard resources and improve citizens’ welfare.

Chairman of the committee, Boniface Emerengwa, said the Naira-for-Crude Oil initiative provides an innovative way of maximizing Nigeria’s oil resources while boosting confidence in the Naira.

He explained that denominating crude oil transactions in Naira, if well-structured, would ease pressure on reserves, stimulate domestic economic activity, and reinforce sovereignty over national resources.

Emerengwa added that the panel would critically assess the policy’s feasibility, engage key stakeholders, and make evidence-based recommendations to guide the House.