President Bola Tinubu has reportedly ordered the Central Bank of Nigeria (CBN) to take over the responsibility for crude oil sales from Nigerian National Petroleum Company Limited (NNPCL).
Under the new arrangement which so many economists has argued will enhance transparency and accountability, NNPC will submit receipts for crude oil sales to CBN for vetting and documentation
Quoting a source within the CBN, Western Post reports that 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.
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