Tinubu Shakes Up Oil Industry, Declares CBN to Take Over Crude Sales from NNPC

VOICE AIR MEDIA, News Update

President Bola Tinubu has approved the handing over by the Nigeria National Petroleum Company Ltd (NNPCL) of revenue from sales of crude oil to the Central Bank of Nigeria (CBN).

The NNPC, over the years, has maintained sole control over crude oil sales, only rendering accounts to the Federal Government.

A 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.

Under the new arrangement, NNPC will submit receipts for crude oil sales to CBN for vetting and documentation.