The Presidency on Sunday said the Nigerian National Petroleum Corporation (NNPC) did not award contracts worth $25bn, contrary to reports.
The Senior Special Assistant to the Vice President on Media and Publicity, Mr. Laolu Akande, made the clarification in a statement made available to journalists.
“Take both the Crude Term Contract and the Direct Sale, Direct Purchase agreements, for instance, these are not procurement contracts involving the expenditure of public funds.
“Both transactions are simply a shortlisting process, in which prospective off-takers of crude oil and suppliers of petroleum are selected under agreed terms, and in accordance with due process.
“It is, therefore, wrong and misleading to refer to them as though they are contracts involving the expenditure of NNPC funds, or public funds of any sort. “