Tinubu asks NNPCL to hand over crude oil revenue to CBN

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Agency report

As part of efforts aimed at monitoring revenue accruing to the Federal Government, President Bola Tinubu has directed the Nigeria National Petroleum Company Limited (NNPCL) to immediately handover details of revenue from sales of crude oil to the Central Bank of Nigeria (CBN).

The NNPC had over the years been solely responsible for the maintenance and control over crude oil sales and merely rendered accounts to the Federal Government.

A dependable source at the CBN while confirming the development, said that with the Presidential directive, all receipts of payment for oil sales would now be forwarded to the CBN with immediate effect.

The source further said that under the new arrangement, the NNPCL will submit receipts for crude oil sales to CBN for vetting and documentation.