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The federal government illegally diverted $1.05 billion (N378 billion at N360 to a dollar) sourced from the Nigerian Liquefied Natural Gas (NLNG) dividend funds to secretly fund subsidy payment on petroleum products, PREMIUM TIMES can report today.
The diversion details are coming amidst revelations from accusations the Nigerian National Petroleum Corporation (NNPC) has a $3.5 billion subsidy fund it is spending without appropriation by the National Assembly.
In October, a motion by Biodun Olujimi, (Ekiti-PDP) had triggered debates in the National Assembly on the purported $3.5 billion fund alleged to be managed by the state oil company.
But the NNPC said it had no such fund in its custody. Rather, it said it has a $1.05 billion fund it is using to stabilise petrol supply and distribution in the country.
While the NNPC, through its spokesperson, Ndu Ughamadu, initially claimed the corporation sourced the fund from an ‘international agency’, Maikanti Baru, NNPC group managing director, admitted last week that the money was sourced from the NLNG dividend fund.
Documents in the possession of this newspaper have now shown that the fund was sourced at the height of the fuel scarcity crisis between last December and January and was secretly diverted into payments on petrol supply and distribution.
The funds came from dividends paid to the federal government by the Nigeria Liquefied Natural Gas (NLNG) company, a firm in which the government owns 49 percent equity.
The Nigerian government is represented in the NLNG shareholding arrangement by the NNPC with 49 percent stake. Other shareholders are Shell (25.6 percent), Total (15 percent) and Eni (10.4 percent).
Dividends from the gas firm are meant to be shared by the federal, state and local governments of Nigeria. The funds are supposed to be paid into the Consolidated Revenue Fund of the Federation rather than spent unilaterally by any tier of government.
But PREMIUM TIMES has now confirmed that the President Muhammadu Buhari-led federal government unilaterally — without required consultation with states and the national assembly– tampered with the NLNG funds. That was also done without the mandatory appropriation by the National Assembly.
Lawmakers say by his action, President Buhari has violated the nation’s appropriation law, and has therefore committed impeachable offences.

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https://www.premiumtimesng.com/news/headlines/294097-exclusive-documents-show-buharis-govt-illegally-diverted-n378billion-nlng-dividend.html

let me park here

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Buhari government is a scam just like 1983......

He diverted money from NLNG illegally to pay for subsidy which they say didn't exist. How can a government be so hypocritical? Can't they come out clean for once?


But zombies will come here and say he is doing it for the nation, they can do anything to asslick

Hmmmmm.make dangote complete em refinery sharp sharp make all this things stop

Again?

Shoddy deal in high places

Biggest corruption in Nigeria history

Nigerians don't know the high level of corruption going on in this Buhari government .

This is sad .

The other day it was N96trillion , not accounted for since 2016 .

Buhari and his team of scammers have diverted enough that will feed their 20th generation. And yet some idiots feeding on N30, 000 Monthly salary as BMC, are telling us to vote buhari in 2019,
God forbids .

we have had enough, 2019 is just too far thats my problem

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When APC miscreants shout Buhari, u say fraud, bigotry, nepotism.
Buhari is a scallywag,a criminal n a scumbag!

This Government

Where are the BMC crew, they should come and defend this, I believe its part of your job

Where are all those blood thirsty zombies that always defend the indefensible cow lover of the god even when he is destroying their future generation while they are worshiping him eating his shit .

Trustme2:
This Government

Buhari is fighting corruption na

Mr integrity

Yet what baffles me is how some irredeemable humans turned creatures strongly are in support of this government....what a zombified zombies they are! What a mistake that shouldn't have happened!

And Osinbanjo has the courage to say they have stopped grand corruption!!! If this APC government is replaced, the kind of mind boggling corruption that will be revealed will be child’s play compared to what happened during GEJ period. All hail Mr Intergrity!!

And Osunbade said they have stopped 'grand corruption' and reduced it to 'petty theft' and 'tapping' abi?
It's okay!

blujoi:
And Osinbanjo has the courage to say they have stopped grand corruption!!! If this APC government is replaced, the kind of mind boggling corruption that will be revealed will be child’s play compared to what happened during GEJ period. All hail Mr Intergrity!!

Just typed practically the same thing before seeing your comment...lol

Buhari can only decieve his Lifeless followers with his brand of intergrity. Who is the Minister for Petroleum?

If Atiku doesn't jail this lifeless Sudanese in his first 100 days in office then he (Atiku) will not know peace.

Government of the deceit, for the deceit and by the deceit.
Only the naive still hail chants this government. Crazy!
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Nigerians must oust this mistake of a president in 2019 .

Lol!!! Brother I tire ohhh!! They stopped grand corruption and introduced grandiose corruption, we are definitely in trouble!!

mushystuff:
Just typed practically the same thing before seeing your comment...lol

J

We are in trouble in Nigeria.

.