BREAKING: President Tinubu Moves Crude Oil Sales Revenue From NNPCL To CBN

President Bola Tinubu has reportedly given a new order to move crude oil sales revenue from NNPCL to the central Bank of Nigeria, CBN.

The move was to show transparency and accountability as NNPCL over the years has maintained sole control over crude oil sales, and only rendered accounts to the Federal Government.

According to Western Post, under the new arrangement, NNPC will submit receipts for crude oil sales to CBN for vetting and documentation.

A source within the CBN confirmed to the news platform that receipts of payment for the oil sales will be forwarded to the apex bank with immediate effect, blocking any gap in the crude oil sales and declared receipts.

Experts told the news site that this arrangement is opaque as it makes the NNPC the overall responsibility rendering whatever amount it wishes to FG for the crude oil sales.

It would be recalled that the CBN Governor, Olayemi Cardoso, last week stated that the collaboration with the Ministry of Finance and the NNPCL is to ensure that all foreign inflows are returned to the Central Bank.

He said:

“This coordinated effort will greatly enhance the Bank’s foreign exchange flows and contribute to the accretion of reserves.

“The expected stability in the foreign exchange market for 2024 can be attributed to the reduction in petroleum product imports and the recent implementation of a market-determined exchange rate policy by the CBN.

“This reform is designed to streamline and unify multiple exchange rates, fostering transparency and reducing opportunities for arbitrage.

“The resulting consistent and stable exchange rate will not only boost investor confidence but also attract foreign investment, elevating Nigeria’s appeal to global investors.”

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