The Central Bank of Nigeria said President Bola Ahmed Tinubu’s executive order on direct oil remittance to the federal account would improve fiscal revenue.
The Governor of CBN, Olayemi Cardoso, disclosed this at a briefing on Tuesday after its 304th Monetary Policy Committee.
According to him, members of the MPC back the presidential executive order.
“Members welcomed the issue of Presidential Executive Order 09, which redirects oil and gas revenue into the federation account.
“The committee acknowledges the potential impact of the order on improving fiscal revenue and accretion to reserves,” he said.
Recall that last week Wednesday, the president issued an executive order that had stirred mixed reactions, as it stripped the Nigerian National Petroleum Company Limited of several streams of income.
While some stakeholders within the country’s oil and gas sector backed the Executive Order, others condemned it on the ground that it contravenes the Petroleum Industry Act.
