As controversy over finances of the Nigeria National Petroleum Corporation NNPC, rages on, Vice President Yemi Osinbajo, has thrown new light on approvals he granted to the corporation while he was acting president.
Noting that the law provides for those authorisations, the vice president admitted that he granted two presidential approvals for financing joint ventures which were loans not contracts.
The NNPC had claimed on Wednesday that the presidential approvals it received for two oil contracts worth N640 billion were granted by Vice President Osinbajo during the time he acted as president.
But speaking in Bonny on Thursday the vice president said the financing loans were approved after due diligence and in adherence to established procedures.
He added that the approvals were necessary to deal with huge backlog of unpaid cash calls which the Buhari administration inherited.