‘Bold Step, Very Necessary’, Ex CBN Deputy Gov Reacts To Tinubu Ordering NNPC To Deposit Its Revenue Into CBN
FORMER Deputy Governor of the Central Bank of Nigeria (CBN) Professor Kingsley Moghalu, has described as a “bold and necessary one and long overdue” the recent directive President Bola Ahmed Tinubu that the Nigeria National Petroleum Company Limited (NNPCL) should henceforth deposit its revenue into CBN.
While pointing out that the opacity of the NNPC has long been a problem for Nigeria and its fiscal management, Professor Moghalu noted that no president has had the political will to do what Tinubu did.
Professor Moghalu bared his mind via a post he made on his official X handle Tuesday afternoon.
He wrote: “President @officialABAT ‘s decision that official @nnpclimited revenues be deposited @cenbank is a bold & necessary one and long overdue. The opacity of the NNPC has long been a problem for Nigeria and its fiscal management, but no President has had the political will to do this.”
It will be recalled that President Tinubu recently ordered the NNPCL to deposit its revenue into CBN. The directive has generated mixed reactions with some believing it could negatively impact the operation of the oil company.
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