According to Akande, Vice President Yemi Osinbajo approved a new payment model, replacing the cash call system when he was the acting President.
Ibe Kachikwu, minister of state for petroleum resources, had accused Maikanti Baru, group managing director (GMD) of the NNPC, of awarding contracts worth $25 billion without due process.
"Others are various financing allocation funding contracts with the NOCs valued over $3 billion as well as various NPDC production service contracts valued at over $3 billion to $4 billion".
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He had said in a statement that the allegations were baseless and due process was followed in all of its activities.
The post BREAKING: Osinbajo Admits Approving Oil Contracts For NNPC appeared first on Channels Television.
But it was observed in some media reports that the two contracts were awarded when the President was away from the country.
The Vice Presidential Spokesman, Mr Laolu Akande, gave the explanation on his twitter handle on Thursday. "Action necessary to deal with huge backlog of unpaid cash calls which Buhari administration inherited and also to incentivize much needed fresh investments in the oil & gas sector".
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