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The Presidency has dismissed Oyo State Governor Seyi Makinde’s claim that the Federal Government is withholding ₦250 billion in Nigerian Liquefied Natural Gas (NLNG) dividends for each state until after the 2027 general elections, describing the allegation as false.
The Presidency said the figures cited by Makinde did not align with the scale of NLNG’s historical dividend payments to the Federation, insisting that the governor’s claim was inconsistent with available financial records.
In a statement on Sunday, Special Adviser to the President on Information and Strategy, Bayo Onanuga, said a one-off payment of ₦250 billion to each of the 36 states would amount to ₦9 trillion, excluding the Federal Government, the Federal Capital Territory and the 774 local government councils.
He argued that, under the Federation Account Allocation Committee (FAAC) revenue-sharing formula, states receive 26.72 per cent of distributable Federation Account revenue.
According to him, for the states’ share alone to reach ₦9 trillion, total NLNG dividends paid into the Federation Account would have to exceed ₦33.68 trillion, equivalent to about $25 billion, in a single declaration.
“NLNG has never paid $25 billion in dividends to the Federation Account in a single payout,” Onanuga said.
He added that NLNG had paid approximately $21.5 billion in dividends to the Federation over the past 25 years, with less than $3 billion realised since President Bola Tinubu assumed office.
The Presidency’s response followed Makinde’s remarks at the 2027 Budget Stakeholders’ Consultative Engagement held at Olola Ogunlana Hall, International Conference Centre, University of Ibadan, on Friday.
The governor had alleged that each state was entitled to ₦250 billion from the NLNG dividend windfall but that the Federal Government had decided to delay payment until after the 2027 elections.
“Each state was supposed to get ₦250 billion. We had already identified projects that would expand Oyo State’s economy. But they have now said the money will not be paid until after the election. Is the election more important than the people of Nigeria?” Makinde had asked.
However, Onanuga urged Nigerians to disregard the allegation, accusing the governor of making misleading statements since embarking on his presidential ambition.
He also recalled Makinde’s previous description of the substantial financial allocations from the Federation Account to states, including Oyo, as “voodoo”.
“Under Nigerian law, Governor Makinde is free to pursue his presidential ambition. He should desist from making falsehoods and disinformation the hallmarks of his campaign,” the presidential spokesman said.
The Presidency urged the public to disregard what it described as unfounded claims, arguing that they could mislead citizens and generate unnecessary hostility towards the Federal Government.
