Professor Kingsley Moghalu, a former deputy governor of the Central Bank of Nigeria (CBN), has responded to President Bola Ahmed Tinubu’s recent decision directing the NNPC to deposit its earnings into the CBN.
Professor Moghalu responded by stating that it is a brave move and highly important that President Tinubu have decided to transfer the NNPC profits to the CBN. He continued by pointing out that no president has ever had the political will to take the same action as Tinubu in order to address the long-standing issue of the NNPC’s opacity with regard to Nigeria and its fiscal management.
The Former CBN Deputy Governor made this disclosure in a post he made on his official X handle on 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 should be recalled that President Tinubu recently ordered the Nigerian National Petroleum Cooperation, NNPC, to deposit its revenue into Central Bank of Nigeria, CBN. CONTINUE FULL READING>>>