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.
***
You can visit us for more news at: thenewsdesk.ng
By NewsDesk - The Member representing Ukanafun/Oruk Anam Federal Constituency, Rep. Unyime Idem, has announced…
By NewsDesk - The Federal High Court of Nigeria has announced that its 2026 Christmas…
By NewsDesk - Akwa Ibom Governor, Pastor Umo Eno, has identified the Ibom Deep Sea…
By NewsDESK - Akwa Ibom State Governor, Umo Eno, has described President Bola Ahmed Tinubu’s…
By NewsDESK - The Akwa Ibom government has offered to sponsor 100 youths for agricultural…
By Daniel Tyokuaq The Crime Correspondents Association of Nigeria (CCAN), has elected new executive members…