Mr Makinde has accused the authorities of spending dividends paid by Nigeria LNG Limited (NLNG) to the Federal Government, alleging that the funds were transferred into the Federation Account but were subsequently spent.
“They fooled us. The Nigeria LNG paid dividends to the Federal Government, which went straight into the Federation Account, but they spent it,” Mr Makinde said.
His remarks raise questions about the management of public revenue and how proceeds from government investments are allocated and utilised.
The Federation Account receives revenue shared among the federal, state and local governments in Nigeria. Funds paid into the account are distributed in accordance with the country’s revenue-sharing arrangements.
NLNG, a major player in Nigeria’s gas industry, generates revenue from the production and export of liquefied natural gas. Dividends paid to the Federal Government represent returns on its investment in the company.
However, Mr Makinde’s statement did not specify the amount of dividends involved, when the payments were made or the particular expenditure he was referring to.
Further details, including an official response from the Federal Government and clarification of how the funds were allocated, would be needed to establish the circumstances surrounding the allegation.
The claim could not be independently verified from the statement alone.
