Reps Issue Seven-Day Deadline to MDAs in Naira-for-Crude Probe

The House of Representatives Ad-Hoc Committee handling the naira-for-crude oil investigation directed ministries, departments and agencies to submit all outstanding documents within seven days. The committee, led by Boniface Emerengwa, took the decision after many of the invited bodies failed to attend the hearing or produce the records needed for the probe.

The committee had fixed November 20, 2025, for the investigative session, but the meeting was pushed forward because most of the agencies did not show up prepared. Emerengwa said the continued delay from these bodies has disrupted the committee’s work and slowed the scrutiny of how the policy was carried out. He noted that the invited agencies had been given enough notice before the hearing date but still failed to meet the expectations of the lawmakers.

He explained that the refusal or inability of the agencies to send documents made it hard for the committee to examine the policy, review the transactions, or confirm whether government bodies complied with the rules guiding the naira-for-crude arrangement. The panel was created to check transparency and accountability in the policy, which was introduced to strengthen the naira and reduce pressure on foreign reserves by shifting crude oil transactions from dollars to naira.

The committee extended the deadline for submission of the documents to November 27, 2025. Emerengwa warned that any attempt to delay the process again will lead to strict parliamentary action. He said the committee will fully use its powers if the agencies refuse to cooperate, including issuing summons, making the names of non-compliant bodies public, and recommending disciplinary steps to other arms of government.

The hearing has now been fixed for December 2, 2025, at Conference Room 440, with the chairman stating that the new date will not be moved. He urged all invited bodies to send in their documents before the new deadline and get ready to appear before the panel on the appointed day.

The naira-for-crude oil policy was introduced by the Federal Government in partnership with the NNPC Limited and major financial institutions. The aim was to reduce the country’s dependence on dollar earnings, control excess demand for foreign currency, and direct crude-related income through the local banking system. Supporters believed it could help the naira by managing forex liquidity better.

However, the policy soon raised a number of concerns. Questions came up about how crude was priced, how the proceeds were handled, whether oil-lifting companies followed the rules, and whether the government received full value for crude supplied under the scheme. Some industry watchers also wondered how the process fitted into global oil trade practices.

Because of these issues, the House set up the ad-hoc committee to look into how the policy was run, which agencies were involved, how funds were handled, and whether the scheme served the country’s interest. The investigation is meant to show if the policy achieved its goals or if weak coordination, poor monitoring, or possible diversion of funds affected its performance.

The committee has now made it clear that the next steps depend on how well the agencies comply before the rescheduled hearing.