Vice President, Yemi Osinbajo (SAN), has
explained that the approvals he granted the Nigerian National Petroleum
Corporation (NNPC) while he was Acting President were for financing
arrangements for Joint Ventures between the corporation and
International Oil Companies (IOCs) and not approvals for contracts.
He made this clarification on Thursday while addressing reporters
after the ground-breaking ceremony for the multi-billion Naira historic
Bonny-Bodo road project, in Bonny, Rivers State.“In some cases, NNPC and their Joint Venture partners have to secure loans and they need authorisation to secure those loans while the President was away.
“The law actually provides for those authorisations. 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,” he said.
Earlier, his Senior Special Assistant on Media and Publicity, Laolu Akande, had tweeted on the same matter.
“This was, of course, necessary to deal with huge backlog of unpaid cash calls which the Buhari administration inherited, and to incentivize much needed fresh investments in the oil and gas sector.”
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