The House of Representatives has promised strict scrutiny of the Federal Government’s crude-for-naira initiative, a policy designed to stabilise the local currency and reduce dependence on the dollar in Nigeria’s oil trade.

Speaking at the inauguration of an ad-hoc committee to oversee the programme in Abuja on Wednesday, Speaker Tajudeen Abbas, represented by Minority Leader Kingsley Chinda, said lawmakers would ensure transparency and accountability in its rollout.

Abbas described the scheme as one of the most important reforms in the country’s energy sector, noting that its success could shape Nigeria’s economic stability and foreign exchange market. He tasked the committee with producing a fair and thorough review, stressing that their work would directly affect millions of citizens.

According to him, the naira-for-crude plan carries broad implications for revenue generation, inflation control, and energy security. He called on government agencies, oil operators, and civil society groups to cooperate with the panel to ensure the policy delivers real benefits for Nigerians.

Committee Chairman Boniface Emerengwa highlighted the urgency of the initiative, arguing that Nigeria must shield its economy from currency volatility and external shocks. He explained that shifting oil transactions into naira would strengthen confidence in the local currency, reduce pressure on dollar reserves, and enhance national control over resources.

Despite being Africa’s largest oil producer, Emerengwa said, Nigeria has struggled to channel its crude wealth into tangible gains for citizens. He urged the committee to approach its assignment with diligence and integrity, promising that their findings would guide adjustments to the policy where needed.

The crude-for-naira programme is part of broader government reforms aimed at boosting domestic production, taming inflation, and improving the nation’s trade balance.