President Tinubu Directs Crude Oil Sales To Be Handled By CBN, No Longer NNPCL

For transparency and accountability, President Bola Tinubu has ordered the Central Bank of Nigeria to take over the responsibility for crude oil sales from Nigerian National Petroleum Company Limited (NNPCL).

Under the new arrangement, NNPC will submit receipts for crude oil sales to CBN for vetting and documentation.

A source within the CBN confirmed the development to Western Post, saying receipts of payment for the oil sales will be forwarded to the apex bank with immediate effect.

NNPCL over the years has maintained sole control over crude oil sales, only rendering accounts to the Federal Government.

Many say this arrangement is opaque as it makes the NNPC the overall responsibility rendering whatever amount it wishes to FG for the crude oil sales.