Home NEWS NNPC: Osinbajo admits approving N640 billion oil contracts

NNPC: Osinbajo admits approving N640 billion oil contracts

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Vice-President Yemi Osinbajo on Thursday admitted that he approved the Nigerian National Petroleum Corporation joint venture financing contracts as disclosed by the government-owned oil firm.

The Senior Special Assistant to the Vice President on Media and Publicity, Mr. Laolu Akande, confirmed this in a series of tweets on his confirmed Twitter handle, @akandeoj.

Akande said Osinbajo approved the recommendations for the contracts as part of necessary actions to deal with the backlog of unpaid cash calls and incentivise investments.

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He added that the approval was given after due diligence and adherence to established procedure.

He said Osinbajo approved the contract in his capacity as the Acting President when President Muhammadu Buhari was away on medical vacation.

“In response to media inquiries on NNPC joint venture financing, VP Osinbajo, as Acting President approved recommendations after due diligence and adherence to established procedure.

“Action was necessary to deal with huge backlog of unpaid cash calls which Buhari administration inherited and also to incentivise much needed fresh investments in the oil and gas sector,” he said.

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