Judul : MDAs face seven-day ultimatum over naira-for-crude inquiry
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MDAs face seven-day ultimatum over naira-for-crude inquiry
The Ad Hoc Committee of the House of Representatives tasked with monitoring and implementing the Naira-for-Crude Oil Policy has given ministries, departments, and agencies a seven-day deadline to provide all necessary documents for its current inquiry or risk facing penalties.
The head of the committee, Boniface Emerengwa, issued the caution in Abuja on Thursday following the absence of multiple invited organizations with the required documents.
Emerengwa stated that the planned investigative hearing on November 20, 2025, was delayed "because of the significant negligence and unprofessional attitude shown by key parties involved."
"Although there was sufficient warning, most stakeholders did not understand the role of the legislative branch in collaborating with the executive to ensure the policy's successful execution, due to their failure to submit the necessary documents within the given time limit," he stated.
This neglect of responsibility has not only damaged the credibility of the committee's work but has also brought a sense of frivolity to an issue of national significance. The committee sees this behavior as a clear violation of the legislative process and a lack of respect for the Nigerian people whose interests we are duty-bound to safeguard.
He mentioned that the delays had hindered the committee's capacity to examine how the policy was being carried out.
The delay in submitting the required documents has hindered our capacity to carry out thorough vetting and due diligence, thus complicating the investigation," he added. "This committee was established to promote transparency, accountability, and efficient oversight of the naira-for-crude oil policy, a policy that has significant consequences for our economy and national growth.
To ensure the probe remains on course, the committee pushed back the submission deadline to November 27, 2025.
This add-on presents a last chance for interested parties to show their dedication to openness and collaboration," Emerengwa stated, cautioning that any effort to hinder the procedure "will result in strong legal repercussions.
The inquiry has been moved to December 2, 2025, at noon in Conference Room 440—a date Emerengwa called "final and not open for discussion."
He warned that the House would not shy away from exercising its complete power against those who fail to comply.
If you don't meet this extended deadline, there will be serious consequences," he stated. "The committee won't hesitate to issue summonses and subpoenas, publicly identify and criticize non-compliant organizations, suggest penalties to appropriate regulatory and executive authorities, or bring the issue to the full assembly for additional disciplinary measures.
He called on all participating organizations to approach the issue with the highest level of importance.
"The policy of exchanging naira for crude oil is not a minor matter. It is crucial to our economic independence and financial responsibility. The Nigerian citizens are observing, and history will assess our decisions," he stated.
The committee instructed all involved parties to present any remaining documents prior to the upcoming hearing and to get ready to attend the panel meeting.
"The era of making excuses has ended. It's time for responsibility," Emerengwa emphasized.
The policy of exchanging naira for crude oil was implemented to stabilize the foreign exchange market by channeling revenue from crude oil into transactions denominated in naira, thus alleviating strain on foreign reserves and limiting speculative demand for dollars.
Carried out by the Nigerian National Petroleum Company Limited along with major financial institutions, the policy aimed to retain oil-related revenues within the local financial system and aid the revival of the naira.
Nevertheless, the setup raised issues regarding openness, cost, adherence by those responsible for crude extraction, and the management of funds by involved organizations. Doubts also arose about whether the government obtained the complete worth for the crude quantities provided through the program.
These concerns led the House to establish an ad-hoc committee to review implementation shortfalls, funding movements, institutional responsibilities, and the policy's broader economic effects. The inquiry seeks to assess if the initiative met its goals or was hindered by poor management, insufficient coordination, or potential misuse of funds.
Provided by SyndiGate Media Inc. (Syndigate.info).Demikianlah Artikel MDAs face seven-day ultimatum over naira-for-crude inquiry
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