August 3, 2022

Group knocks NNPC over rise in Forex, revenue generation drop

A group, African Centre for Justice and Human Rights (ACJHR) has asked Nigerians and other stakeholders to hold the Nigerian National Petroleum Corporation (NNPC), and not the Central Bank of Nigeria (CBN), responsible for the rise in forex and subsequent drop in revenue generation in the country.

In a statement by its Coordinator, Nduka Edede Chinomso, the ACJHR attributed the situation to NNPC’s non-remittance to the CBN.

The statement read: “As a group, we cannot, in good conscience, hold the CBN responsible for the rise in forex and drop in revenue generation.

“The entire blame, we believe, should be heaped on the NNPC which has failed to make remittance into the CBN’s coffers.

“For an organisation that has been remitting $3. 4billion in a month to now start remitting an average of less than $300million monthly to the CBN is alarming.

“We dare say that here lies the cause of the problems of forex and revenue generation.

“The government and other critical stakeholders should hold no other person or group responsible, but the NNPC.

“Despite this great challenge, the CBN has been funding the nation’s import obligations. The apex bank should be commended for this.”

Recall that in recent times, especially since the incorporation of the NNPC as a limited liability company, foreign exchange rate has risen astronomically, prompting the government to come under criticism from a cross section of Nigerians.

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