The Speaker of the House of Representatives, Rep. Tajudeen Abba, has said he had formed an ad hoc committee led by Rep. Boniface Emerengwa to check the Federal Government’s Naira-for-Oil plan.
He explained that the committee would examine the implementation of the policy, review its effectiveness, and assess coordination among agencies.
Tajudeen stressed that the House created the team to promote transparency, accountability, and efficiency in the energy sector.
He added that the initiative aimed to stabilize the naira, boost government revenue, secure long-term energy supplies, and support President Bola Tinubu’s Renewed Hope Agenda.
The Speaker said the findings would shape the policy’s direction, rebuild public trust, and impact millions of Nigerians.
He recalled that he launched the committee on Wednesday at the House of Representatives in Abuja.
Tajudeen noted that the team would consult widely with government agencies, oil and gas operators, banks, civil society, and international partners.
He stated that members would identify risks, challenges, and opportunities in the policy and provide evidence-based recommendations that serve the national interest.
In his remarks, Emerengwa stated that the task was urgent and important, given Nigeria’s dependence on the dollar and the volatility of foreign exchange markets.
He pointed out that these factors had limited the benefits the country gained from its crude oil resources.
Emerengwa assured that the committee would carry out its work with transparency, inclusiveness, and commitment to strengthening the economy.