10mobile:
Reformer. Lol. This is why he took CBN to his backyard so that it would be easy to transport the money in bullion vans to his Burdillion home or to the airport with the help of FAAN officials

But, on a serious note, I suggest that Nigerians should demand a psychiatric check on their President. His many verbal gaffes during the campaigns and now all these decisions that don't make sense get me much concerned that this driver might just drive all of us into a lagoon.

But then I know that Nigerians generally don't care. So,, I don't expect nobody to do anything. We are all good people.


Those "powerful people" that hide forex no dey CBN abi? Na angels from heaven full CBN. Na wah for this reasoning. CBN is created to handle revenue - which is enough job already - and not to sell commodity. Which juju sef dis man de use control people like this?

Smh. Nairaland

Good move Tinubu.

I hope this is for more transparency and accountability, and not just another agenda for another clique of thieves.

Read what has been said again.
Under the new arrangement, NNPC will submit receipts for crude oil sales to CBN for vetting and documentation. This assumes that NNPC sells, collects and spends as it deems fit with no recourse to anyone...

lexy2014:


off point. you have not answered the questions.

is it the job of CBN to sell anything?

how was the old arrangement responsible for the weak value of the naira?

who are the powerful people you accuse of hiding the forex?

Tinubomb them all. On your barokos we stand

Honestey:
Cut off the middle men for easy supervision, but left for me, I would rather change the leadership in the NNPCL

He can't change the NNPCL leaderships because it's owned by the North. He must have agreed not to touch NNPC.

viodemus:



They shouldn't handle anything except for big purchase invoice, and/or doing accounting audit on NNPC. Stop putting too many cooks in the kitchen. Cbn wey never finish new notes wants to come and be doing intense engineering. Okp*lor eyes should be looking into how he can train people to be very knowledgeable and efficient, with some checkpoint oversight on operations.

You're still repeating the same thing like a broken record.

Tinubu is in autopilot, he can never fail!

Princedapace:

Baba dey reward his Yoruba people as they dominate CBN.
Nigeria can not be great o. Except they share this country becus every president that comes in will reward his loyalties. Not even the people. Tinubu is a known ethnic baba, same as Buhari. So, Tinubu will do more of this. lol

80 percent of CBN is Hausa

lexy2014:


off point. you have not answered the questions.

is it the job of CBN to sell anything?

how was the old arrangement responsible for the weak value of the naira?

who are the powerful people you accuse of hiding the forex?

Please mr man stop being foolish, the nnpc will continue in their operational activities, why the money will go to CNN which is federal government bank. Have you not being to a company where you have to go and pay for any good or supply to the bank account of the seller? Crude oil does not belong to nnpc, it belong to Nigerians, any one that wants our crude must be abide by our made of payments. If the man failed to comply or play any game, he must be fired immediately and made to account for his stewardship. Where were you when former cbn governor made a statement sometime ago that nnpc must bring our our dollars, the man was collecting dollars and continue to pocket it.

This is another best move.
Unfortunately some unpatriotic elements are still complaining. Very sad

Until he denorthifies NNPC.

stevups:


80 percent of CBN is Hausa

And the leadership of CBN are from where? Check the key positions first.

Miyachi:

It is a public company wholy owned by the Nigerian government. So I guess the owner gets to choose how business is carried out.

Okay but they should set up a good Corporate Governance Policy at the Board .. with little interference from the Presidency ...the way it is the President is the de facto Chairman of the NNPC because he is calling the shots ...

This is the boldest initiative PBAT has embarked on and its worthy of commendation.

Stakeholders need to understand the dynamics and enormous benefit(s) of this strategic decision by Government.

1, Over 80% of Nigeria's export earning is from the sale of crude-oil. Payment and receipts from crude oil from IOC is denominated in $ (Dollars).

2, NNPCs mandate is protecting domestic energy security, scanning the globe for the marketability of crude grades. NNPC also explores, produces, refines oil, and markets and retails petroleum products.

3, Its only logical and wise that CBN should statutorily have been empowered and mandated by law to manage remittance from crude sales since it comes in FX. The more the direct inflow of FX into CBN, The greater the strength of the CBN to defend the naira daily as the higher the volume of FX the CBN has in its vault daily, the higher its propensity to get sweet GREENBACK from IOCs.

4, With this initiative the exchange rates will be better defended by the naira daily with a reduction in the dollar value appropriately.

5, With the coming on stream of the Dangote Refinery and more inflow from the sale of refined derivates and PMS, the remittance to the CBN would also ensure that the real value of the naira is determined.

6, Good thinking PBAT and congratulations in advance to the Naira.

benjaminlawson:


Please mr man stop being foolish, the nnpc will continue in their operational activities, why the money will go to CNN which is federal government bank. Have you not being to a company where you have to go and pay for any good or supply to the bank account of the seller? Crude oil does not belong to nnpc, it belong to Nigerians, any one that wants our crude must be abide by our made of payments. If the man failed to comply or play any game, he must be fired immediately and made to account for his stewardship. Where were you when former cbn governor made a statement sometime ago that nnpc must bring our our dollars, the man was collecting dollars and continue to pocket it.

see someone that is calling me foolish at the highlighted.

meanwhile, you ended up not answering any of the questions asked

1. is it the job of CBN to sell anything?

2. how was the old arrangement responsible for the weak value of the naira?

3. who are the powerful people you accuse of hiding the forex?

oyebanji:
Read what has been said again.
Under the new arrangement, NNPC will submit receipts for crude oil sales to CBN for vetting and documentation. This assumes that NNPC sells, collects and spends as it deems fit with no recourse to anyone...

pls try again.

1. is it the job of CBN to sell anything?

2. how was the old arrangement responsible for the weak value of the naira?

3. who are the powerful people you accuse of hiding the forex?

unclejb2:
Welcome development. Baba druggie is defanging the north with great alacrity. Move CBN to Lagos and hand over oil sales to CBN.

The north thinks that Nigeria and her resources belong only to the north even when the north contributes nothing to the country

If not for hate why will the FCT be in Abuja in the first place I mean what is there in Abuja that is so resourceful, Lagos and River stand the great chance to get the FCT

This man will finish Nigeria

Umueme:
Nice one. NNPC has monopolized and continued to enrich themselves since with our oil money.


Though, this seems like an initiative to take the feeding bottle from the North dominated NNPC to the south dominated CBN. All the same, nice one

#My_Opinion

You're a mumu, northerners have occupied everywhere and no human being can dislodge them, jagaban will finish and go power will still come back to them..

Babangidapikin:
I thought NNPC is a public company with a board ... someone educate me about all this interference from the Presidency ....Yes he is the Minister of Petroleum ..it doesn't stop anything as long as I am concern sha ..the cartels in NNPC would just get more sophisticated, if they are any ......Although it is good for check and balance ... I see operations cost going up ....

You are right about the corporate side but even state governments are not authorised to deal in Forex.

Tinubu understands many of the tricks involved in stealing government money and that is why he brought in Alpha Beta so he can supervise all the stealing . No one should steal unless he gets a cut
I read a report that in 2022 the NNPCL remitted zero Naira in the name of subsidy and they were not answerable to anyone

Umueme:
Nice one. NNPC has monopolized and continued to enrich themselves since with our oil money.


Though, this seems like an initiative to take the feeding bottle from the North dominated NNPC to the south dominated CBN. All the same, nice one

#My_Opinion

The status quo should be challenged. Monkey dey work, Babbon dey chop syndrome!

Neduzze5:
Move CBN to Lagos.

Move oil sales to CBN.

Are you people seeing what I am seeing??

You are blind in terms of objectivity.
Irrespective of where he wants to move it to.
What Nigerians want is improved Governance and the masses to enjoy dividend of democracy.

The president doesn't want to cause another uproar by moving nnpcl to Lagos. He has done it indirectly.

Well for now its a good development
Looking back since NNPLC has been in charge we have been having issues of sales and prices

Hope it will fetch us good result though
No saint anywhere but we can do better ]

chokekachy:


https://westernpost.ng/breaking-president-tinubu-moves-revenue-from-crude-oil-sales-to-cbn/

What kind of fake news is this? It is illegal for CBN to sell oil. NNPC is the body statutorily enabled by law to carry out oil sales on behalf of FG.
The CBN does not have such powers.
The receipt for oil sales are domiciled with AGF and not CBN.
This is fake news
It is also disturbing to see the scale of alarming ignorance among Nigerians
That some people even believe this can happen is really shameful

Neduzze5:
Move CBN to Lagos.

Move oil sales to CBN.

Are you people seeing what I am seeing??

You stink with what you prefer its in news that not the whole cbn but some departments,may the Lord be with you

unclejb2:
Welcome development. Baba druggie is defanging the north with great alacrity. Move CBN to Lagos and hand over oil sales to CBN.

The north thinks that Nigeria and her resources belong only to the north even when the north contributes nothing to the country

cbn was not moved to lagos... Get your facts right

Good decision by Mr president

hafeeanubasy:


Mumu

Move just 5 of 29 CBN departments to HQ annex built in lagos by sanusi Lamido Sanusi under GEJ government.

So which one is "moving" CBN?...That is definitely what you have been telling your illiterate slaves around you!


I don't want to believe IPOB terrorists are this deaf and unintelligent !

They are certified ignorant and intelligent bunch

A who tell u say dem cbn no dey sell? Its securities. And crude is part of derivative securities.

Its done all over the world, to reduce risks. Make we dey calm down. No be everything we know, na learning process.

10mobile:
Reformer. Lol. This is why he took CBN to his backyard so that it would be easy to transport the money in bullion vans to his Burdillion home or to the airport with the help of FAAN officials

But, on a serious note, I suggest that Nigerians should demand a psychiatric check on their President. His many verbal gaffes during the campaigns and now all these decisions that don't make sense get me much concerned that this driver might just drive all of us into a lagoon.

But then I know that Nigerians generally don't care. So,, I don't expect nobody to do anything. We are all good people.


Those "powerful people" that hide forex no dey CBN abi? Na angels from heaven full CBN. Na wah for this reasoning. CBN is created to handle revenue - which is enough job already - and not to sell commodity. Which juju sef dis man de use control people like this?

Lanruze:
This is the boldest initiative PBAT has embarked on and its worthy of commendation.

Stakeholders need to understand the dynamics and enormous benefit(s) of this strategic decision by Government.

1, Over 80% of Nigeria's export earning is from the sale of crude-oil. Payment and receipts from crude oil from IOC is denominated in $ (Dollars).

2, NNPCs mandate is protecting domestic energy security, scanning the globe for the marketability of crude grades. NNPC also explores, produces, refines oil, and markets and retails petroleum products.

3, Its only logical and wise that CBN should statutorily been empowered and mandated by law to manage remittance from crude sales since it comes in FX. The more the direct inflow of FX into CBN, The greater the strength of the CBN to defend the naira daily as the higher the volume of FX the CBN has in its vault daily, the higher its propensity to get sweet [b]GREENBACK [/b]from IOCs.

4, With this initiative the exchange rates will be better defended by the naira daily with a reduction in the dollar value appropriately.

5, With the coming on stream of the Dangote Refinery and more inflow from the sale of refined derivates and PMS, the remittance to the CBN would also ensure that the real value of the naira is determined.

6, Good thinking PBAT and congratulations in advance to the Naira.

Zombified thinking
What have you written here that makes it good thinking? In the first place Tinubu wants to float the naira. You are here claiming CBN will have enough forex to defend the naira. You see how directly off poiint you are?

10mobile:
Reformer. Lol. This is why he took CBN to his backyard so that it would be easy to transport the money in bullion vans to his Burdillion home or to the airport with the help of FAAN officials

But, on a serious note, I suggest that Nigerians should demand a psychiatric check on their President. His many verbal gaffes during the campaigns and now all these decisions that don't make sense get me much concerned that this driver might just drive all of us into a lagoon.

But then I know that Nigerians generally don't care. So,, I don't expect nobody to do anything. We are all good people.


Those "powerful people" that hide forex no dey CBN abi? Na angels from heaven full CBN. Na wah for this reasoning. CBN is created to handle revenue - which is enough job already - and not to sell commodity. Which juju sef dis man de use control people like this?

Please how old are you,I think seun should sensor some reasonable topics for adults like us that have meaningful opinions, kids that are supposed to be watching cartoon should not be here, please Mr seun take my advice