Olayemi Cardoso, the CBN governor, mentioned that the NNPC and the finance ministry agreed to send their foreign exchange earnings to the central bank to boost the country’s external reserves.
Abubakar, in a statement, expressed concern, stating that this move undermines the operational independence of the national oil company.
He emphasized that, irrespective of any potential benefits, the government’s decision to have the CBN handle crude oil sales proceeds from NNPC is legally questionable.
Abubakar noted the lack of detailed communication from the administration about the decision, highlighting the President’s directive for NNPCL to submit sales receipts to CBN as a violation of NNPCL’s legal status.
