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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 for each state until after the 2027 general elections, describing the allegation as false.
Makinde 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 funds, which he said had been earmarked for projects to expand Oyo State’s economy, would not be released until after the 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?” he said.
However, the Presidency, in a statement issued on Sunday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, urged the public to disregard the allegation.
It argued that the claim was inconsistent with the scale of NLNG’s historical dividend payments and the revenue-sharing formula under the Federation Account Allocation Committee (FAAC).
According to the statement, 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.
The Presidency explained that states receive 26.72 per cent of distributable revenue from the Federation Account under the FAAC allocation formula.
It added that, 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,” the statement said.
Providing historical context, the Presidency stated 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.
It argued that the allegation of a single dividend payout exceeding the company’s entire historical distribution to the Federation was inconsistent with available figures.
The Presidency also criticised Makinde’s public statements, accusing him of making misleading claims since embarking on his presidential ambition.
It recalled that the governor had previously described the substantial revenue allocations to states from the Federation Account, including Oyo State’s share, as “voodoo”.
While acknowledging Makinde’s constitutional right to pursue the presidency, the Presidency urged him to refrain from making claims it described as false and misleading.
It further called on the public to disregard the allegation, arguing that it could misinform citizens and create unnecessary tension between the public and the Federal Government.
