‘What Happened to the $3bn?’ Makinde Challenges Tinubu Over NLNG Dividends

Oyo State Governor Seyi Makinde has challenged President Bola Tinubu’s administration to explain how it disbursed nearly $3 billion received as dividends from the Nigeria Liquefied Natural Gas Limited (NLNG) since 2023.

Makinde’s demand followed the Presidency’s rejection of his allegation that the Federal Government was withholding NLNG dividends due to state and local governments, resulting in a shortfall of about N9 trillion.

NLNG produces and exports liquefied natural gas and related products. The company is jointly owned by the Nigerian National Petroleum Company Limited, 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 receive N250 billion from the dividends.

However, Bayo Onanuga, Special Adviser to the President on Information and Strategy, described the governor’s claim as false in a statement on Sunday and urged the public to disregard it.

Onanuga argued that for the states’ share alone to reach N9 trillion, total NLNG dividends paid into the Federation Account would have to exceed N33.68 trillion, equivalent to about $25 billion, in a single declaration.

He added that NLNG had never paid $25 billion in dividends into the Federation Account in one payment.

According to him, the company paid approximately $21.5 billion in dividends to the Federation over the past 25 years, with less than $3 billion realised since Tinubu assumed office.

‘THE RESPONSE SIDESTEPPED THE CENTRAL ISSUE’

Reacting to the Presidency’s position, Sulaimon Olanrewaju, Makinde’s Special Adviser on Media, said the governor stood by his claim, insisting that the government’s response failed to address the central issue.

In a statement on Sunday, Olanrewaju said the Nigeria Governors’ Forum, with the support of the Federal Government, had engaged a consultant to reconcile NLNG dividend payments.

“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.

He said the exercise identified a shortfall of about N9 trillion due to state and local governments, adding that the Federal Government had accepted the findings.

Olanrewaju also said the report remained in the custody of both the Federal Government and the NGF.

“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,” he added.

He asked whether state and local governments had received their shares, how much they had received and how the amounts were calculated.

“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?” he queried.

Olanrewaju maintained that Makinde conducts public discourse with decorum and does not make unfounded claims or cite figures without a basis.

He added that the governor was willing to provide further clarification, urging the Presidency to address the substance of the allegation.