BREAKING: President Tinubu Ignores Northern Elites’ Opposition, Initiates Bold Move: Transfers Revenue From Crude Oil Sales To CBN

BushradiogistJan 29, 2024Read original

In a defiant move, President Tinubu has chosen to disregard the objections raised by Northern elites and has implemented a bold decision to transfer the revenue generated from crude oil sales from the Nigerian National Petroleum Corporation Limited (NNPCL) to the Central Bank of Nigeria (CBN).

According to reliable sources within the CBN, the new arrangement mandates NNPC to submit receipts for crude oil sales directly to the CBN for thorough vetting and documentation. This shift in the control of revenue marks a departure from the traditional practice where NNPC held sole authority over crude oil sales, only being accountable to the Federal Government.

The confirmation of this development was obtained from a source within the CBN, who verified that receipts of payment for oil sales would be promptly forwarded to the apex bank.

This decision follows recent criticism of President Tinubu, particularly from Northern elites, including Senator Ali Ndume. These elites have expressed concern and opposition to Tinubu’s moves, such as the proposed transfer of departments in the CBN and NNPC to Lagos State, citing potential inefficiencies and wastage.

Despite the backlash and threats of losing votes from Northerners, President Tinubu appears resolute in his commitment to implementing strategic reforms and restructuring key sectors of the Nigerian economy. The move to centralize control over crude oil revenue in the CBN is seen as a bold step towards curbing potential financial mismanagement and ensuring greater transparency in the country’s economic dealings.