PRESS RELEASE
Approached by reporters after the groundbreaking of the multi-billion Naira historic Bonny-Bodo road project, in Bonny, Rivers State, Vice President Yemi Osinbajo, explained specifically that the approvals he granted as Acting President to NNPC while he was Acting President were for financing arrangements for the Joint Ventures between the corporation and IOCs, and not approvals for contracts.

Said he : "These were financing loans. Of course you know what the Joint Ventures  are, with the lOCs, like Chevron, that had to procure. In some cases, NNPC and their joint venture partners have to secure loans and they need authorisation to secure those loans while the President was away. The law actually provides for those authorisations. So I did grant two of them and those were presidential  approvals but they are specifically for  financing joint ventures and they are loans, not contracts.

Earlier today, I had tweeted on the same matter thus:

In response to media inquiries on NNPC Joint Venture financing arrangements, VP Osinbajo, as Acting President approved the recommendations after due diligence and adherence to established procedures. This was of course necessary to deal with huge backlog of unpaid cash calls which the Buhari administration inherited, and to incentivize much needed fresh investments in the oil and gas sector.