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Vice President Yemi Osinbajo on Thursday admitted he approved the joint venture financing contracts of the Nigerian National Petroleum Corporation (NNPC).
The Senior Special Assistant to the Vice President on Media and Publicity, Mr. Laolu Akande, said on his Twitter handle, @akandeoj, that Osinbajo approved the contracts to deal with backlog of unpaid cash calls inherited by the present administration.
Akande said the approval was to “incentivize” much needed fresh investments in the oil and gas sector.
“The approval was given after due diligence and adherence to established procedure,” he stated.
According to him, the NNPC joint venture financing was approved during Osinbajo’s stint as Acting President.
Akande added: “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.
“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.”