*R-L: President Bola Tinubu and Governor Seyi Makinde of Oyo State.
The Presidency has dismissed Oyo State Governor Seyi Makinde’s claim that the Federal Government is withholding ₦250 billion in Nigeria LNG Limited (NLNG) dividends due to each state until after the 2027 general elections.
The Presidency described the claim as false, arguing that the amount being suggested was inconsistent with the historical dividend payments made by NLNG to the Federation.
In a statement issued on Sunday, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, said the public should disregard the governor’s allegation.
Makinde had made the claim on Friday at the 2027 Budget Stakeholders’ Consultative Engagement held at Olola Ogunlana Hall, International Conference Centre, University of Ibadan.
The governor alleged that the Federal Government had delayed the release of the funds until after the elections, despite states having identified projects for which they intended to use the money.
“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 said.
However, the Presidency argued that the figures cited by the governor did not align with the revenue-sharing formula governing the distribution of funds from the Federation Account.
According to Onanuga, allocating ₦250 billion to each of Nigeria’s 36 states would amount to ₦9 trillion, excluding the Federal Government, the Federal Capital Territory and the 774 local government councils.
He explained that under the Federation Account Allocation Committee (FAAC) revenue-sharing formula, states receive 26.72 per cent of distributable revenue from the Federation Account.
For the states’ share alone to reach ₦9 trillion, he said, 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,” the statement said.
Providing historical context, the Presidency said 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.
It argued that the allegation of a single dividend payout exceeding the company’s entire historical contribution to the Federation was inconsistent with the available figures.
The Presidency also criticised Makinde’s public comments, urging him to exercise restraint in his statements, particularly as he pursues his presidential ambition.
Onanuga accused the governor of making misleading claims for political purposes rather than presenting verifiable facts.
He also recalled Makinde’s previous description of the substantial financial allocations from the Federation Account to states, including Oyo, as “voodoo.”
While acknowledging the governor’s constitutional right to pursue the presidency, the statement urged him to avoid what it described as falsehoods and disinformation in his campaign.
The Presidency called on Nigerians to disregard the allegation, saying it could mislead citizens and create unnecessary hostility towards the Federal Government.