Presidency rejects Governor Seyi Makinde’s claim that the Federal Government is withholding ₦250 billion in NLNG dividends for each 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 for each state, describing the allegation as false.
In a statement on Sunday, October 18, the President’s Special Adviser on Information and Strategy, Bayo Onanuga, urged Nigerians to disregard the claim, arguing that the figures did not align with the country’s revenue-sharing formula or NLNG’s dividend history.
Makinde had raised the issue at the 2027 Budget Stakeholders’ Consultative Engagement at the Olola Ogunlana Hall, International Conference Centre, University of Ibadan, on Friday.
The governor alleged that the Federal Government had delayed the release of the funds until after the 2027 general election and had already spent 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 said distributing ₦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 councils.
It 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 the statement, 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 Presidency said.
The statement 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.
It argued that the claim of a single dividend payout exceeding the company’s total historical contributions to the Federation was inconsistent with the available figures.
The Presidency also criticised Makinde’s public statements, accusing him of using misleading claims for political purposes since embarking on his presidential ambition.
“We expect Governor Makinde to be more measured in his public conduct and utterances,” Onanuga said.
He added that the governor was entitled to pursue his presidential ambition but should avoid making what the Presidency described as false claims and disinformation.
“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 statement said.
The Presidency urged Nigerians to disregard Makinde’s allegation, arguing that it could mislead citizens and create unnecessary tension between the public and the Federal Government.
