Seyi Makinde, governor of Oyo, has asked the President Bola Tinubu administration to explain how it disbursed the nearly $3 billion received as dividends from the Nigeria Liquefied Natural Gas Limited (NLNG) since 2023.
The governor was responding to the presidency’s rejection of his claim that the federal government was withholding NLNG dividends due to states and local governments, resulting in a shortfall of about N9 trillion.
NLNG produces and exports liquefied natural gas (LNG) and allied products.
The company is jointly owned by the Nigerian National Petroleum Company Limited (NNPCL), Shell, TotalEnergies and Eni.
Speaking at the 2027 Budget Stakeholders’ Consultative Engagement in Ibadan on Friday, Makinde had alleged that each state “was supposed to get N250 billion”.
In a statement on Sunday, Bayo Onanuga, special adviser to the president on information and strategy, described Makinde’s claim that the federal government is withholding the NLNG dividend windfall as false and urged the public to disregard it.
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👉 JOIN GISTSMATE WHATSAPP CHANNELOnanuga said for the states’ share alone to reach N9 trillion, total NLNG dividends paid into the federation account would have to exceed N33.68 trillion (about $25 billion) in a single declaration.
He added that NLNG had never paid $25 billion in dividends into the federation account in one fell swoop.
According to Onanuga, NLNG paid approximately $21.5 billion in dividends to the federation over the last 25 years, with less than $3 billion realised since Tinubu assumed office.
‘THE RESPONSE SIDE-STEPPED THE CENTRAL ISSUE’
In a statement on Sunday, Sulaimon Olanrewaju, Makinde’s special adviser on media, said the governor stands by his claim, adding that the presidency’s response failed to address the crux of the matter.
“The response sidestepped the central issue: the Nigeria Governors’ Forum (NGF), with the Federal Government’s support, engaged a consultant to reconcile NLNG dividend payments,” the statement reads.
“The exercise identified a shortfall of about ₦9 trillion due to states and local governments. The Federal Government accepted the findings.
“The report remains in the custody of both the Federal Government and the NGF. We trust the Presidency will not deny its existence.
“The Presidency stated that NLNG had paid $21.5 billion in dividends into the Federation Account since inception, including $3 billion received under the current administration. But it did not explain how these funds were disbursed.
“Have states and local governments received their shares? How much did they receive, and how were those amounts calculated? What happened to the $3 billion received under this administration?”
Olanrewaju said Makinde “conducts public discourse with decorum and does not make unfounded claims or quote figures without a basis”.
He added that the governor is ready to provide further clarification, while urging the presidency to address the substance of the matter.
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