Modupe Gbadeyanka
By Modupe Gbadeyanka
The Conference of Nigeria Political Parties (CNPP) applauded President Bola Tinubu for directing the Nigerian National Petroleum Company (Limited) to henceforth transfer proceeds from crude oil sales to the Central Bank of Nigeria (CBN).
There had been a hue and cry over how the NNPC has managed earnings from the sale of crude oil, especially after the organisation stopped remitting funds to the federation account over claims that it was paying to ensure consumers get petroleum products at a subsidized rate
On Monday, there were speculations that Mr Tinubu has asked the state-owned oil firm to remit revenue from crude oil sales to the apex bank for accountability.
In a statement signed by its Deputy National Publicity Secretary, Mr James Ezema, the CNPP said “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,” the group added.
“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 the 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 revenue 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 bedevilling 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.
