Oyo State Governor Seyi Makinde has challenged President Bola Tinubu’s administration to explain how it disbursed nearly $3 billion received in dividends from Nigeria Liquefied Natural Gas Limited (NLNG) since 2023.
Makinde’s response follows the presidency’s rejection of his allegation that the Federal Government was withholding NLNG dividends owed to states and local governments, resulting in an estimated shortfall of about ₦9 trillion.
NLNG produces and exports liquefied natural gas and related 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 alleged that each state “was supposed to get N250 billion”.
However, in a statement on Sunday, Bayo Onanuga, special adviser to the president on information and strategy, described the governor’s claim that the Federal Government was withholding NLNG dividend payments as false and urged the public to disregard it.
Onanuga argued that for the states’ share alone to amount to ₦9 trillion, total NLNG dividends paid into the Federation Account would have to exceed ₦33.68 trillion, equivalent to about $25 billion, in a single declaration.
He said NLNG had never paid $25 billion in dividends into the Federation Account in one transaction.
According to Onanuga, NLNG paid approximately $21.5 billion in dividends to the federation over the past 25 years, with less than $3 billion received since Tinubu took office.
Makinde’s Aide Says Presidency Avoided the Main Issue
Responding on Sunday, Sulaimon Olanrewaju, Makinde’s special adviser on media, said the governor stood by his claim, arguing that the presidency’s response failed to address the central issue.
“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 maintained that Makinde “conducts public discourse with decorum and does not make unfounded claims or quote figures without a basis”.
He added that the governor was willing to provide further clarification and urged the presidency to respond directly to the issues raised concerning the distribution of NLNG dividends.
