Atiku Rejects FG’s Transfer of Oil Revenue to CBN

The 2023 presidential candidate of the Peoples Democratic Party, Atiku Abubakar, says the Federal Government’s directive to the Central Bank of Nigeria to take over the responsibility for crude oil sales proceeds from the Nigerian National Petroleum Company Limited is illegal.

President Bola Tinubu had, on Monday, reportedly directed the CBN to assume the responsibility for crude oil sales proceeds from the NNPCL. Consequently, NNPC is expected to submit the receipts for crude oil sales to CBN for vetting and documentation.

Reacting, Atiku in a statement Thursday said Tinubu’s directive undermined the operational independence of the national oil company.

The former Vice President who noted that little has been communicated to the public about explaining details of the decision, declared that “Whatever may be the merit of the new arrangement, the presidential directive is a violation of the legal status of the NNPCL.”

The former vice president said any attempt to undermine the operational independence of the NNPCL will be a hindrance to any chances of attracting investments and attaining global relevance in the Petroleum Industry.

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