With immediate effect, President Bola Ahmed Tinubu has ordered the Nigeria National Petroleum Commission (NNPC) to be removed from its duty as the organization responsible for collecting income from the sale of crude oil. The nation’s crude oil sales proceeds are now to be paid straight into the Central Bank of Nigeria, per the president’s directive. CONTINUE FULL READING>>>>>
An X user named @JayItsJam claims that the President has made a historic decision to transfer the administration of earnings from the sale of crude oil from NNPC to CBN with the innovative step. With this calculated move, the historical problem of missing revenue from oil sales will be addressed, and accountability and transparency will receive much-needed attention.
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 FULL READING>>>>>