Vice President Yemi Osinbajo has clarified that what he approved for Nigerian National Petroleum Corporation (NNPC) is the refinancing of $25 billion loan for joint venture oil projects.
Osinbajo, who explained that he signed the recommendations for the loan refinancing while President Muhammadu Buhari was on a medical vacation, said it is not a contract.
The clarification came shortly after his top media aide, Laolu Akande, tweeted that Osinbajo approved the loan refinancing for the $25billion oil project.
…& adherence to established procedure. Action necessary to deal with huge backlog of unpaid cash calls which Buhari adm. inherited…
— Laolu Akande (@akandeoj) October 12, 2017
The Vice President said the execution of the joint venture project requires authorization to borrow fund, while Buhari was in London, and as the acting president, he approved the request after due process.Please subscribe to our newsletter