The Presidency has rejected a claim by Oyo State Governor Seyi Makinde that the Federal Government is withholding ₦250 billion in Nigeria LNG (NLNG) dividends meant for each state until after the 2027 elections.
In a statement signed by Bayo Onanuga, Special Adviser to the President on Information and Strategy, the Presidency described the allegation as false, arguing that the amount cited was inconsistent with the revenue-sharing formula and the company’s dividend history.
Makinde made the allegation on Friday during the 2027 Budget Stakeholders’ Consultative Engagement at Olola Ogunlana Hall, International Conference Centre, University of Ibadan.
The governor alleged that the Federal Government had already spent the money and would delay its release until after the elections. He questioned whether elections were more important than Nigerians’ welfare.
Responding, the Presidency said a payment of ₦250 billion to each of the 36 states would amount to ₦9 trillion, excluding allocations to the Federal Government, the Federal Capital Territory and the 774 local government councils.
According to the statement, states receive 26.72 per cent of distributable Federation Account revenue under the Federation Account Allocation Committee (FAAC) sharing formula.
It argued that, for the states’ combined share to reach ₦9 trillion, an NLNG dividend payment into the Federation Account would have to exceed ₦33.68 trillion, which it put at approximately $25 billion.
The Presidency said NLNG had paid about $21.5 billion in dividends to the Federation over 25 years, with less than $3 billion paid since President Bola Tinubu assumed office.
On that basis, it argued that the governor’s claim implied a single dividend payment exceeding the company’s cumulative payments to the Federation over the period.
The statement also accused Makinde of making misleading claims for political advantage, urged him to exercise greater restraint in his public statements and asked Nigerians to disregard the allegation.
