President Bola Tinubu has made a strong decision by moving revenue from crude oil sales to Central Bank of Nigeria (CBN) to Nigerian National Petroleum Corporation Limited (NNPCL).

In this new arrangement, NNPCL 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.

Details later…