September 18, 2021

Federal Ministry Of Finance, Budget And National Planning In Best Position To Give The Breakdown On The $21billion NLNG Dividends

2 min read

An online media on Wednesday, 4th August 2021 published an “EXCLUSIVE” story titled “Ministry Of Finance, Accountant-General Pass Bucks Over Whereabouts Of $21billion Taken By Nigerian Petroleum Corporation.”

The write up was passing the bulk on the Nigerian National Petroleum Corporation (NNPC); to give details and breakdown of the disbursement of over $21billion withdrawn from the dividends’ account of the Nigeria Liquefied Natural Gas (NLNG).

Even though the Nigeria National Petroleum Corporation (NNPC) has defended the withdrawal of over $21 billion from the Nigeria Liquefied Natural Gas (NLNG) dividends account describing the transaction as legal, it is the responsibility of the Federal Ministry of Finance, Budget and National Planning to give the details and breakdown because they directs the utilisation.

There is no doubt that the withdrawn funds were the Federal Government’s share of revenues from oil shared among the Federal, State and Local Governments.

It is well known that the proceeds from the NLNG Dividends Account are managed and disbursed or dispensed or utilised, based on the instruction of the Federal Government through the Federal Ministry of Finance, Budget and National Planning that directs the utilisation. The Nigeria National Petroleum Corporation is merely the agents of the Federal Government.

It may interest Nigerians that the Federal Government, through the Nigeria National Petroleum Corporation is the true owner of the investment in the NLNG and the dividends accrued to the Federal Government, not the Federation Account.

The most appropriate place for Barrister Tosin Ojaomo, who had in a Freedom of Information request demanded comprehensive detail of how the fund was disbursed to the NNPC; to direct his a Freedom of Information request to, is the Federal Ministry of Finance, Budget and National Planning under the proficient leadership of Mrs. Zainab Ahmed.

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