BREAKING : President Tinubu moves revenue from crude oil sales to CBN

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

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.