CNPP Says Transfer of Crude Oil Proceeds To CBN Is the Way To Go

Conference Of Nigeria Political Parties (CNPP) has described the speculated directive by President Bola Ahmed Tinubu, transferring revenue from crude oil sales to the Central Bank of Nigeria (CBN) as the way to go.

Since on Monday, there has been unconfirmed reports that the President has relieved the Nigerian National Petroleum Company Limited (NNPCL) of its monopoly control over the proceeds from crude oil sales.

The CNPP in a statement signed by its Deputy National Publicity Secretary, Comrade James Ezema, said that “if indeed the directive was issued by President Bola Ahmed Tinubu, it is the way to go.

“We have always criticized the NNPC Limited for not meeting its OPEC quota as well as non-remittances or under-remittances of proceeds from crude oil sales due to corruption.

“Therefore, we welcome the speculated directive to the NNPC Limited to submit receipts for crude oil sales to the CBN for vetting and documentation.

“While we urge the Federal Government to confirm the directive without fear or favour, we call on President Bola Tinubu to make it a policy of government that all payments for oil sales and all other revenues accruable to the federation account be forwarded to the apex bank without any delay.

“This will reduce renenue losses as every kobo should be accounted for in the current revenue realities where the country’s debt servicing takes a large chunk of the country’s earnings.

“The NNPC’s monopoly over crude oil sales has been a ground for the unbridled corruption bedeviling the federal government owned oil company.

“The initiative should also be extended to all other revenue generating agencies of the federal government, including the Nigeria Customs Service, the Nigeria Ports Authority, the Nigerian Maritime Administration and Safety Agency (NIMASA), Nigerian Immigration Service, among others”, the CNPP said.