The House of Representatives on Wednesday inaugurated an ad-hoc committee to critically examine the feasibility, sustainability and potential impact of the proposed Naira-for-Crude Oil policy, a plan that aims to strengthen the local currency by denominating oil sales in naira rather than dollars.

At the inauguration of the committee in Abuja, Emerengwa Sunday, who chairs the panel, said the assignment was “urgent and significant” as it touches directly on the heart of Nigeria’s economy.

He noted that although Nigeria is richly endowed with crude oil, the benefits of the resource have not always translated into maximum value for its citizens due to volatility in foreign exchange markets, dependence on the dollar and other structural economic weaknesses.

The lawmaker outlined the committee’s mandate, which includes assessing the policy’s feasibility and long-term sustainability, engaging stakeholders in government and the oil and gas industry, identifying risks and opportunities, and submitting evidence-based recommendations to guide the House.

Emerengwa assured that the committee would work with “utmost diligence, transparency and inclusiveness” while placing national interest above all other considerations. He acknowledged that bold reforms are often met with scepticism but argued that nations that thrive are those willing to innovate and adapt.

Abbas Tajudeen, Speaker of the House, represented by Kingsley Chinda, House minority leader, pledged to ensure transparency, accountability, and effective implementation of the Federal Government’s Naira-for-Crude Oil Policy.

He described the exercise as a crucial step toward strengthening efficiency and transparency in Nigeria’s energy sector, stressing that the committee has a vital responsibility to monitor implementation, ensure inter-agency coordination, and evaluate the policy’s effectiveness.

The Speaker also noted that a comprehensive review will determine whether its goals are being met and identify necessary adjustments.