‘What happened to $3bn dividends?’ – Makinde replies presidency

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

Makinde’s demand followed the Presidency’s rejection of his allegation that the Federal Government was withholding about ₦9 trillion in NLNG dividends meant for states and local governments.

In a statement issued on Sunday by his Special Adviser on Media, Sulaimon Olanrewaju, the governor accused the Presidency of evading the central issue surrounding the disputed funds.

“What happened to the $3 billion received under this administration?” the statement queried.

Makinde maintained that the Nigeria Governors’ Forum (NGF), with the support of the Federal Government, had engaged a consultant to reconcile NLNG dividend payments.

He claimed the exercise uncovered a shortfall of approximately ₦9 trillion owed to states and local governments, adding that the Federal Government had accepted the findings.

According to him, the report remains in the possession of both the Federal Government and the NGF.

The governor demanded clarification on whether states and local governments had received their shares, how much was paid and the formula used in distributing the funds.

The controversy began after Makinde, speaking at the 2027 Budget Stakeholders’ Consultative Engagement in Ibadan on Friday, alleged that each state was entitled to ₦250 billion in NLNG dividends.

He claimed the Federal Government had withheld the money until after the 2027 general election.

However, presidential spokesman Bayo Onanuga dismissed the allegation as false, arguing that Makinde’s figures were inconsistent with the Federation Account revenue-sharing formula.

Onanuga explained that distributing ₦250 billion to each of the 36 states would require ₦9 trillion for states alone, excluding the Federal Government and local councils.

He maintained that such a payment would require total NLNG dividends exceeding ₦33.68 trillion, approximately $25 billion, in a single distribution.

According to the Presidency, NLNG has paid approximately $21.5 billion in dividends to the federation over 25 years, with less than $3 billion received since Tinubu assumed office.

But Makinde insisted that the Presidency’s response failed to address how the money already received was distributed.

The governor, who is also pursuing the presidency in 2027, maintained that his allegations were based on documented findings and expressed readiness to provide further clarification.