The Street Reporters Newspaper

…Breaking News with Integrity!


UK, US, Saudi Arabia, Others in Bilateral Meetings With President Bola Ahmed Tinubu, Pledge Support, Solidarity
Breaking News Business Governance National News News Oil & Gas Politics

CNPP To Tinubu: 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.

ALSO READ  Oborevwori Pledges Sustainable Transformation of Delta

“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.

Mele Kolo Kyari CNPP To Tinubu: Transfer of Crude Oil Proceeds To CBN Is the Way To Go

“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.

ALSO READ  Governor of the Year Award to Mbah, a Celebration of Courage in Leadership

“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.

ALSO READ  Save Enugu Group Sends SOS To President Tinubu, Gov Mbah Over Man Using Soldiers Terrorise Enugu Residents


  1. you are in reality a just right webmaster The site loading velocity is incredible It seems that you are doing any unique trick In addition The contents are masterwork you have performed a wonderful task on this topic

What's your thought about this story? Write your comment here

The Street Reporters Newspaper is reliable latest news portal and publishes opinions, business news, politics, and sports news from Nigeria and the world. Tel: +2348175047979

Discover more from The Street Reporters Newspaper

Subscribe now to keep reading and get access to the full archive.

Continue reading