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| Osinbajo |
The Vice President, Professor Yemi Osinbajo has admitted granting authorisation to the NNPC for two oil contracts while President Muhammadu Buhari was away on medical leave.
The Vice President’s position was contained in tweets by his spokesman, Mr. Laolu Akande, who said he (Osinbajo), approved the contracts in his capacity as acting president in July.
According to Akande, Vice President Yemi Osinbajo approved a new payment model, replacing the cash call system when he was the acting President.
“In response to media enquiries on NNPC joint venture financing, VP Osinbajo as acting President, approved recommendations after due diligence and adherence to established procedure.
“Action (is) 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 tweeted.
According to the News Agency of Nigeria (NAN) the National Economic Council (NEC) had identified the hiccups inherent in the joint venture cash calls which prompted oil majors jittery in oil and gas exploration.
The old model slowed down investments in the oil and gas industry but the reversal boosted investments in the sector and contributed much to the more than 2.2 million barrels per day production at present.
This development is coming more than a week after the Minister of State for Petroleum, Dr. Ibe Kachikwu, in a letter to President Muhammadu Buhari, accused the Group Managing Director of the NNPC, Dr. Maikanti Baru, of insubordination and of awarding contracts without due process.
The NNPC GMD, however, denied the allegations insisting that due process was followed and appropriate approval received from the President.
Dr. Baru’s response led to questions about how the President who was away on medical vacation when some of the contracts were awarded approved them.
The tweets by Mr. Akande have partly answered that question but failed to provide details of whether the VP approved all of the contracts in question or DCU/IA
The Vice President’s position was contained in tweets by his spokesman, Mr. Laolu Akande, who said he (Osinbajo), approved the contracts in his capacity as acting president in July.
According to Akande, Vice President Yemi Osinbajo approved a new payment model, replacing the cash call system when he was the acting President.
“In response to media enquiries on NNPC joint venture financing, VP Osinbajo as acting President, approved recommendations after due diligence and adherence to established procedure.
“Action (is) 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 tweeted.
According to the News Agency of Nigeria (NAN) the National Economic Council (NEC) had identified the hiccups inherent in the joint venture cash calls which prompted oil majors jittery in oil and gas exploration.
The old model slowed down investments in the oil and gas industry but the reversal boosted investments in the sector and contributed much to the more than 2.2 million barrels per day production at present.
This development is coming more than a week after the Minister of State for Petroleum, Dr. Ibe Kachikwu, in a letter to President Muhammadu Buhari, accused the Group Managing Director of the NNPC, Dr. Maikanti Baru, of insubordination and of awarding contracts without due process.
The NNPC GMD, however, denied the allegations insisting that due process was followed and appropriate approval received from the President.
Dr. Baru’s response led to questions about how the President who was away on medical vacation when some of the contracts were awarded approved them.
The tweets by Mr. Akande have partly answered that question but failed to provide details of whether the VP approved all of the contracts in question or DCU/IA
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