President Bola Tinubu has declared an oil sector shake-up to improve transparency in the face of dwindling oil revenue and sharp practices at the NNPCL.
Before now, NNPCL was completely in charge of crude oil sales and only reported to the federal government.
Though, critics have long argued that the structure lacked transparency, which allowed the NNPCL to underreport earnings.
The new directive according to sources will require the NNPCL to submit all receipts for crude oil sales to the apex bank for vetting and documentation.
This measure is aimed at closing any potential gaps in reporting and ensure accurate records of oil revenue.