Osinbajo: Why I approved NNPC loans

Buhari Presides Over FEC

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WorldStage Newsonline- Nigeria's Vice President Yemi Osinbajo clarified earlier statement credited to him that he granted authorisation to the Nigerian National Petroleum Corporation (NNPC) for two oil contracts worth N640 billion when he was the Acting President, saying the approvals he granted were for financing arrangements for the Joint Ventures between the corporation and IOCs, and not approvals for contract. Of course, you know what the Joint Ventures are, with the lOCs, like Chevron, that had to procure.

However, bringing the agitating question of who signed the contract to rest, Vice President Osinbajo, in statement by his spokesperson, Laolu Akande, claimed that he was the one who approved the contracts while functioning as acting president in July, 2017.

In a previous report by NAIJ.com, Baru said President Buhari granted approvals for oil deals to the government oil firm during the time he was on his sick bed in London.

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"While the President was away, I granted authorization which is what the law provides".

Professor Osinbajo said on Thursday, that the approvals were specifically for financing joint ventures through loans and not contract.

In a letter to President Muhammadu Buhari, Kachikwu listed some of the contracts aas "crude term contracts valued at over $10 billion, DSDP contracts valued over $5 billion and AKK pipeline contract valued approximately $3bn. Action necessary to deal with a huge backlog of unpaid cash calls which Buhari adm. inherited and also to incentivize much needed fresh investments in the oil & gas sector".

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Nigeria's state-owned oil firm on Monday denied awarding any contracts without following due process, dismissing as "baseless" claims by Petroleum Minister Ibe Kachikwu that the agency routinely flouts the law.

He also accused Baru of reorganising the corporation without recourse to the Board of the NNPC.

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