Abuja — The Federal Government’s investigative panel set up to unravel the controversial “naira-for-crude oil” swap deal is expected to reconvene on Monday, March 25, amid growing public concern over transparency and accountability in the country’s oil sector.
The panel, established by the Presidency, is examining allegations that local oil marketers supplied crude oil in exchange for naira payments instead of the usual dollar-denominated transactions — a development many fear could weaken foreign exchange inflows and distort the Central Bank of Nigeria’s monetary policies.
Sources close to the committee disclosed that the probe, which initially commenced in February, is set to enter a critical phase, with more stakeholders expected to testify, including officials from the Nigerian National Petroleum Company Limited (NNPCL), oil marketers, and banking regulators.
“This process will help us ascertain whether due process was followed, who authorized the deal, and the actual economic impact on our foreign reserves,” a senior official said.
Civil society organizations and economic experts have urged the panel to be thorough and transparent, insisting the probe must not be swept under the carpet like previous ones.
The naira-for-crude arrangement, believed to have emerged as a temporary measure to cushion fuel import pressure, has been heavily criticized for lacking proper policy direction and long-term sustainability.
The outcome of the panel’s report is expected to shape future decisions around Nigeria’s energy trade policy and forex management.
