By Ignatius Chukwu
A prominent economic thinker in the Niger Delta as well as an Opobo ranking chief, Chris Finebone, has hailed President Bola Ahmed Tinubu for what he said is right.
Finebone, one time publicity secretary of the All Progressives Congress (APC) in Rivers State, and immediate past Commissioner of Information in the Nyesom Wike cabinet, said the NNPC was not structured to handle foreign exchange management for Nigeria.
He said: “The CBN remains a better manager of the forex we earn. They decide best sectors to channel what amount of forex based on their longstanding experience.”
Finebone and others were reacting to the breaking news that the President had has directed the removal of the Nigeria National Petroleum Commission, the NNPC as revenue collector of the sales from crude oil with immediate effect. The president directed that all monies from sales of the nation’s crude oil will now be deposited directly to the Central Bank of Nigeria. Finebone had recommended such measure few months ago as one of the ways to arrest the forex crisis.
According to an X user, @JayItsJam, the President in a groundbreaking move, has initiated a significant shift in the management of revenue generated through crude oil sales, transitioning it from NNPC to CBN. This strategic decision aims to address the historical challenge of unaccounted-for funds from oil sales, bringing a much-needed emphasis on accountability and transparency.
Under this transformative arrangement, NNPC is now mandated to submit receipts for crude oil sales directly to the Central Bank of Nigeria (CBN) for thorough vetting and documentation. This departure from the traditional sole control maintained by NNPC over oil sales represents a pivotal step towards sanitizing the system and ensuring a comprehensive account of funds generated through this critical sector.
Sources within the CBN have confirmed this development, asserting that the receipts of payment for oil sales will now be expeditiously forwarded to the apex bank. The move is positioned as a welcome stride towards fostering accountability, transparency, and dissuading the propensity for corrupt practices that have plagued the management of oil revenue over the years.
This reform signals a commitment to rectifying the historical lack of scrutiny and oversight in the handling of funds derived from oil sales, marking a positive stride towards a more accountable and transparent financial system in Nigeria.