The House of Representatives has inaugurated an ad hoc committee to oversee the implementation of President Bola Tinubu’s Naira-for-Crude oil policy.
The initiative seeks to strengthen the economy by reducing dollar dependence, improving forex stability and securing long-term energy value.
Speaker Abbas Tajudeen, represented by Minority Leader Kingsley Chinda, said the committee’s mandate is to ensure transparency, proper coordination among agencies and timely assessment of the policy’s impact on Nigeria’s fiscal and monetary landscape.
He described the assignment as critical to achieving the objectives of Tinubu’s Renewed Hope Agenda.
Committee Chairman, Boniface Emerengwa, explained that despite Nigeria’s vast crude reserves, benefits had not always translated into value for citizens.
He said the Naira-for-Crude approach offers a chance to shield the economy from forex volatility, while the committee would engage stakeholders and make evidence-based recommendations.
Meanwhile, the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) dismissed speculations of conflict with Dangote Refinery.
Spokesperson Ikem Ohia said marketers seek collaboration, not rivalry, and urged Dangote to grant fair access to products at reasonable prices.
According to him, DAPPMAN’s nationwide depot network—built over two decades—can complement Dangote to guarantee steady supply and end recurring fuel queues.