Vice President, Yemi Osinbajo has clarified that the approvals he granted to the Nigerian National Petroleum Corporation, NNPC while he was Acting President were for financing arrangements, not contracts.
In a statement the Vice President’s spokesman, Laolu Akande said Osinbajo made the clarification after the ground-breaking multi-billion Naira historic Bonny-Bodo road project, in Bonny, Rivers State.
Osinbajo explained specifically that the approvals he granted to the NNPC were for financing arrangements for the Joint Ventures between the corporation and IOCs, and not approvals for contracts, according to the statement.
The Vice President was quoted as saying : “These were financing loans. Of course, you know what the Joint Ventures are, with the lOCs, like Chevron, that had to procure.
He said 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, adding that the law actually provides for those authorisations.