Osinbajo admits approving N640bn contract for NNPC

Vice President Yemi Osinbajo has admitted approving two oil contracts worth N640 billion for the NNPC.

A statement by the Vice President’s spokesperson, Laolu Akande, on Twiiter, said Osinbajo approved the contracts in his capacity as Acting President in July.

Akande tweeted: “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.

He said the action was taken to deal with huge backlog of unpaid cash calls.

He said: “Action necessary to deal with huge backlog of unpaid cash calls which Buhari adm. inherited…….and also to incentivize much needed fresh investments in the oil & gas sector”

READ: VP Osinbajo approved N640 billion oil contracts as Acting President – NNPC

The NNPC had said on Wednesday that the contracts – with Shell Nigeria and Chevron at the rate of $1 billion and $780 million respectively – were approved by Osinbajo.

It however took the Vice President’s office about 24 hours to admit, after an enquiry by Premium Times



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