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Vice President Osinbajo Denies Approving $25 Billion Contracts

Vice President Osinbajo Denies Approving $25 Billion Contracts

Vice-President Yemi Osinbajo has clarified that he approved financing loans and not contracts for the Nigerian National Petroleum Corporation when President Muhammadu Buhari was away on medical vacation.

According to a statement by his Senior Special Assistant on Media and Publicity, Mr. Laolu Akande, the Vice-President made the clarification while responding to reporters’ questions after the groundbreaking ceremony of the multi-billion naira Bonny-Bodo Road project, in Bonny, Rivers State.

“These were financing loans. Of course, you know what the Joint Ventures are, with the lOCs, like Chevron, that had to procure.  In some cases, NNPC and their Joint Venture partners have to secure loans and they need authorization to secure those loans while the President was away.

“The law actually provides for those authorizations. So, I did grant two of them and those were presidential approvals, but they are specifically for financing joint ventures and they are loans not contracts,” Akande quoted the Vice-President as saying.

Akande also had earlier tweeted, “In response to media inquiries on the NNPC Joint Venture financing arrangements, VP Osinbajo, as Acting President, approved the recommendations after due diligence and adherence to established procedures”.

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

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October 13th, 2017

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