Tinubu's Presidency Defends NLNG Dividend Claims Amid Dispute
The Nigerian Presidency asserts that the Federation has received $21.5 billion in dividends from Nigeria Liquefied Natural Gas (NLNG) over 25 years. In contrast, Governor Seyi Makinde claims a reconciliation by the Nigeria Governors’ Forum identified a shortfall of approximately N9 trillion owed to states and local governments.
The Presidency, represented by spokesman Bayo Onanuga, refutes Makinde's claims, stating that less than $3 billion of the total has been received since President Bola Tinubu took office. The disagreement centers on the interpretation of NLNG's dividend payments and the distribution formula used by the Federation Account Allocation Committee.
NLNG has reported generating $149.6 billion in revenue since its inception, with $47.2 billion paid in dividends and $10.8 billion in taxes remitted to the Federal Government since 2009. The company has four shareholders: Nigerian National Petroleum Company Limited (49%), Shell (25.6%), TotalEnergies (15%), and Eni (10.4%).
Plus234Feed summary based on reporting from Daily Trust. Read the original report below.
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