This week has seen the NNPC, the nation’s oil corporation, under the microscope for fraudulent contracts and ethnic politics. President Buhari has taken the brunt of the criticism, being the Minister of Petroleum. Vice President Osinbajo was almost roped into the controversy, with the disclosure that he approved 642 billion naira contract in President Buhari’s absence. The VP later clarified his statement, explaining that he did not approve any contracts, only the NNPC Joint Venture financing.
Budgit Nigeria considers the backwardsnes of NNPC’s joint venture arrangements.
THREAD: NNPC and oil companies run a joint-venture arrangement. This means based on their share of "oil field", they are expected to contribute to production costs.
— BudgIT Nigeria (@BudgITng) October 13, 2017