Nigeria’s President Bola Tinubu has ordered that revenue from crude oil sales from the Nigerian National Petroleum Company Limited (NNPCL) be move to the Central Bank of Nigeria (CBN).
Source within the CBN confirmed the development, saying receipts of payment for the oil sales will be forwarded to the apex bank with immediate effect.
Previously, the NNPC was alone in charge of crude oil sales and only reported to the federal government. Critics have long contended that this structure lacked transparency, which allowed the NNPC to underreport earnings.
The new directive requires the NNPC to submit all receipts for crude oil sales to the CBN for vetting and documentation. This aims to close any potential gaps in reporting and ensure accurate records of oil revenue.
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