THE Presidency has challenged Oyo State Governor Seyi Makinde’s claim that the Federal Government is withholding ₦250 billion in Nigeria Liquefied Natural Gas (NLNG) dividends meant for each state of the federation, describing the allegation as false and urging Nigerians to disregard it.
News Point Nigeria reports that the Presidency’s response followed Makinde’s remarks at the 2027 Budget Stakeholders’ Consultative Engagement held at the Olola Ogunlana Hall, International Conference Centre, University of Ibadan, on Friday, where the governor claimed the funds would not be released until after the 2027 elections. He further alleged that the Federal Government had already spent the money.
Read also: Makinde Faults Delay In ₦250bn NLNG Dividends To States, Says It Hurts Economic Growth
“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?” the governor said.
However, the Presidency, in a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, described Makinde’s latest claim that the Federal Government was withholding the NLNG dividend windfall as false and said it should be disregarded.
The statement outlined what it described as facts the public should know about the management of the Federation Account and the distribution of revenue among the three tiers of government.
It noted that, even as a one-off distribution, ₦250 billion to each of the 36 states would amount to ₦9 trillion, excluding the Federal Government, the Federal Capital Territory (FCT) and the 774 local councils.
According to the Presidency, under the Federation Account Allocation Committee (FAAC) revenue-sharing formula, states receive 26.72 per cent of distributable Federation Account revenue.
It argued 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.
Read also: ‘33 Governors Cannot Be Wrong’: Presidency Defends Tinubu’s Reforms, Says Rice Now Below N50,000
“NLNG has never paid $25 billion in dividends to the Federation Account in a single payout,” the statement said.
Providing what it described as historical context on NLNG dividend payments, the Presidency said the company 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 Ahmed Tinubu assumed office.
It argued that any claim suggesting a single payout exceeded the company’s entire lifetime dividend distribution to the Federation, and that such funds were being withheld, defied basic logic and economic reality.
The Presidency also criticised Makinde’s public statements, saying the governor should be more measured in his public conduct and utterances.
It alleged that since embarking on his presidential bid, Makinde had chosen to play politics by making misleading claims rather than presenting verifiable facts.
“Indeed, he has turned false, unguarded statements and claims into an art form,” the statement said.
The Presidency further recalled that Makinde had previously described the huge financial flows from the Federation Account to states, including Oyo, as “voodoo”.
Read also: ‘You’re Working For Tinubu’, ADC Blasts Kwankwaso Over Call For Atiku To Step Down
It acknowledged that, under Nigerian law, the governor was free to pursue his presidential ambition but urged him to desist from making what it described as falsehoods and disinformation the hallmarks of his campaign.
The statement urged members of the public to disregard the claims, which it said served only to mislead citizens and stoke needless disaffection against the Federal Government.
