₦airaland Forum

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.



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

Prime time has been using their investigative Journalism tools to prove beyond reasonable doubt that this govt isn't ready to fight corruption like it claims. A govt that is supposed to be campaigning with positive achievements, has all sort of corruption and ill practices being exposed on daily bases. Only heartless and unpatriotic citizens will still support APC after all these glaring evidence of incompetence.
Buhari never again....
Now we know what ur integrity really means.

FTC

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!!

Na lie..buhari is not new to the yoruba"s pple..we knw weller.

Buhari is well known to the south west..you cant convince us..

God will not forgive Apc supporters


12 trillion in 3 yrs nothing to show and now this.

mr integrity buhari is a thief

Buhari issa hypocrite

only tribal and demented fools. 're still rooting for him

magoo10:
Buhari issa hypocrite

God bless you for speaking the truth.



You 're a patriot

OMG!!!!.... What's wrong with Nigerians?..... Are we all thieves!!?.. Are there still standup people who can actually boast of incorruptible and zealous minds....
Oh my Nigeria... I weep for you..

The Heads of NLNG and NNPC should be arrested now to allow for proper investigation.

Buhari Mr integrity my foot