I approved NNPC contracts – Osinbajo

I approved NNPC contracts – Osinbajo

Vice-President Yemi Osinbajo on Thursday admitted that he approved the Nigerian National Petroleum Corporation joint venture financing contracts as disclosed by the government-owned oil firm.

The Senior Special Assistant to the Vice President on Media and Publicity, Mr. Laolu Akande, confirmed this in a series of tweets on his confirmed Twitter handle, @akandeoj.

Akande said Osinbajo approved the recommendations for the contracts as part of necessary actions to deal with the backlog of unpaid cash calls and incentivise investments.

 He added that the approval was given after due diligence and adherence to established procedure.

He said Osinbajo approved the contract in his capacity as the Acting President when President Muhammadu Buhari was away on medical vacation.

“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.

“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,” he said.

Punch

Website design in Abuja


follow us on twitter @aljazirahnewsng
Like us on Facebook @aljazirahnewsng

Share This:

Related Posts

Osun assembly orders arrest of Ige’s son The Osun State House of Assembly has issued a warrant of arrest against the immediate past  Commissioner for Lands, Physical Planning and Urban  Development  in the state, Mr. Muyiwa Ige, for his alleged refusal to honour the lawmakers’ invitation. Muyiwa is a son of a former governor of the ...
Civil servant to forfeit 86 vehicles, four houses to FG The High Court of the Federal Capital Territory in Apo, Abuja, has ordered that 86 luxury vehicles, together with four houses and a quarry plant in Abuja, belonging to a civil servant, Mr. Ibrahim Tumsah, be temporarily forfeited to the Federal Government. The luxury  vehicles were allegedly seiz...
Ibori endorses Okowa for 2019 Despite growing speculations that he has withdrawn his support for the second term bid of Governor Ifeanyi Okowa of Delta State, a former governor of the state, Chief James Ibori, has again endorsed for another term in office. That was the second time Ibori would publicly endorse Governor Okowa, ...
2019: Atiku out to destroy 2023 Igbo presidency – Group A political group, Initiative for Demonstrating Change, on Wednesday, picked hole in the presidential ambition of the former Vice President, Alhaji Atiku Abubakar, saying it was a plot to scuttle the target of the Igbo to become president in 2023. It said that Igbo’s quest to be president come 20...
States assemblies speakers okay NotTooYoungToRun bill There are indications that the NotTooYoungToRun Bill aimed at removing age limits for running for elective offices would sail through in at least two-thirds of the 36 states Houses of Assemblies in the country. The constitutional amendment Bill which was passed by both the House of Representative...
FG: Lagos-Ibadan rail line to be completed December 2018 The Minister of Transportation, Rotimi Amaechi, has said that the Lagos-Ibadan standard gauge rail line would be completed in December 2018 and set for commissioning in Jan 2019. Amaechi said this at the end of the year news briefing and inspection of Lagos-Ibadan standard gauge rail line in Papa...
Petrol tanker on fire in Abuja A tanker carrying petrol was engulfed by fire at a Conoil filling station, along the airport road in Abuja on Wednesday evening. As at 7:00 p.m., fire service officials were still trying to put out the fire. Witnesses said the fire started at about 6:00 p.m. One of the fire service official...
BREAKING: 20 vehicles burnt as tanker explodes in FESTAC No fewer than 20 vehicles and four commercial motorcycles were, on Wednesday afternoon, burnt when a tanker laden with petrol fell and spilled its content on the Festac Link Bridge in Awuwo Odofin LGA of Lagos State. The fire started at noon and raged for about an hour. Firefighters arrived at...
Gunmen invade EFCC chairman Magu’s house, kill policeman Armed persons on Tuesday night attacked an unoccupied residence of the acting chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu. The house, located within a farm owned by Mr. Magu in Karshi, a suburb of Abuja, was stormed by unidentified attackers at about 10 p.m. on Tu...
EDITORIAL: The arrival of fuel queue Long fuel queues have reemerged at major fuel stations across the nation, signalling the commencement of another round of fuel scarcity. The signal started manifesting few days ago when rumour sifted that the Nigerian National Petroleum Corporation, NNPC had plans to increase the pump price of petro...
Deposition: Olubadan dares 21 Obas The Olubadan of Ibadan land, Oba Saliu Adetunji, has described the  threat of 21 new Ibadan kings to recommend him for removal as an affront to the people of Ibadan. The Ibadan Council of Obas on Monday issued a 21-day deposition notice to the Olubadan of Ibadanland, accusing him of acts unbecomi...
2019 Presidency: APGA may field Obiano Anambra State governor, Chief Willie Obiano may emerge presidential candidate of the All Progressives Grand Alliance (APGA) in the 2019 general election. The National Publicity Secretary of APGA, Chief Ifeatu Obi-Okoye gave the hint Tuesday, and assured that the party must field a presidential ca...
GE, Mainstream sign N8.3bn Kainji power plant contract Mainstream Energy Solutions Limited has injected a fresh $26m (N8.3bn) investment into the Kainji Hydro Power Plant to rehabilitate its Hydro Turbine Generator unit. The agreement for the rehabilitation project was signed with General Electric in Abuja. With the rehabilitation expected to be c...