President Bola Ahmed Tinubu has directed the removal of the Nigeria National Petroleum Commission, the NNPC as revenue collector of the sales from crude oil with immediate effect....CONTINUE READING THE FULL ARTICLE>>>
The president directed that all monies from sales of the nation’s crude oil will now be deposited directly to the Central Bank of Nigeria.
According to an X user, @JayItsJam, the President in a groundbreaking move, has initiated a significant shift in the management of revenue generated through crude oil sales, transitioning it from NNPC to CBN.
This strategic decision aims to address the historical challenge of unaccounted-for funds from oil sales, bringing a much needed emphasis on accountability and transparency.
Under this transformative arrangement, NNPC is now mandated to submit receipts for crude oil sales directly to the Central Bank of Nigeria (CBN) for thorough vetting and documentation.
This departure from the traditional sole control maintained by NNPC over oil sales represents a pivotal step towards sanitizing the system and ensuring a comprehensive account of funds generated through this critical sector.
Sources within the CBN have confirmed this development, asserting that the receipts of payment for oil sales will now be expeditiously forwarded to the apex bank.
The move is positioned as a welcome stride towards fostering accountability, transparency, and dissuading the propensity for corrupt practices that have plagued the management of oil revenue over the years.
This reform signals a commitment to rectifying the historical lack of scrutiny and oversight in the handling of funds derived from oil sales, marking a positive stride towards a more accountable and transparent financial system in Nigeria…CONTINUE READING>>
