Former vice president of Nigeria, Atiku Abubakar, insists that allowing the Central Bank of Nigeria (CBN) to take over the country's oil sale receipts would violate the legal status of the Nigerian National Petroleum Corporation (NNPC).
Atiku argues that according to the law, the NNPC is an independent entity responsible for managing Nigeria's oil resources. Allowing the CBN to control the oil sale receipts would undermine the autonomy and legal status of the NNPC.
He further states that the NNPC's role in the sale of oil is critical to ensuring transparency and accountability in the sector. The corporation is obligated to remit revenue generated from oil sales to the federation account, which is then shared among the various tiers of government. Allowing the CBN to take over this function could lead to a loss of transparency and accountability.
Atiku suggests that instead of letting the CBN take over the oil sale receipts, the federal government should focus on strengthening the NNPC and ensuring efficient management of oil resources. This, he believes, will help promote transparency, accountability, and ultimately benefit the Nigerian people.
In conclusion, Atiku insists that allowing the CBN to take over Nigeria's oil sale receipts violates the legal status of the NNPC and could have negative consequences for the transparency and accountability of the sector. He suggests that efforts should be focused on improving the management of oil resources through a strengthened NNPC.
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