Home / Business / I, not Buhari approved N640 billion oil contracts, Osinbajo contradicts NNPC GMD

I, not Buhari approved N640 billion oil contracts, Osinbajo contradicts NNPC GMD

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.

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 Ag 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. -PUNCH

About Editor

Leave a Reply

Your email address will not be published. Required fields are marked *

*

x

Check Also

IMG 20171214 141245

Nigeria sliding into hopelessness, disintegration – ADP 

…Begins nationwide online registration The Action Democratic Party (ADP) has raised alarm on the current political developments in the country indicating that Nigeria is “gradually sliding into hopelessness and disintegration,” against the wish of her founding fathers. The party however, said it is out as “a child of necessity born out of the urgent need to retrieve the Country from the precipice engendered by the 16 years rule of treasury looters of ...