CBN takes control of crude oil sales from NNPC

CBN takes control of crude oil sales from NNPC

President Bola Tinubu has directed the Central Bank of Nigeria to assume control of the sales of crude oil from the Nigerian National Petroleum Company Limited (NNPCL) to address the revenue dwindling issue.

Before now, the NNPC was solely in charge of crude oil sales and only reported to the Federal Government.

But many believe 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, according to sources at the CBN, aims to close any potential gaps in reporting and ensuring accurate records of oil revenue.

One of the sources said on Monday said receipts of payment for the oil sales would be forwarded to the apex bank.

The CBN Governor, Mr Olayemi Cardoso, last week said the collaboration with the Ministry of Finance and the NNPCL would ensure that all foreign inflows are returned to the central bank.

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