The Presidency has dismissed Oyo State Governor Seyi Makinde’s claim that the Federal Government is withholding ₦250 billion in Nigeria LNG (NLNG) dividends due to each state until after the 2027 general election.
The Presidency, in a statement issued on Sunday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, urged Nigerians to disregard the claim, stressing that no such funds exist and that the allegation misrepresents how the federation account operates.
Makinde had alleged during the 2027 Budget Stakeholders’ Consultative Engagement at the University of Ibadan (UI) that each state was entitled to ₦250 billion from NLNG dividends but that the federal government had withheld the funds 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?” Makinde said.
Responding, Onanuga said the governor’s assertion was inconsistent with the Federation Account Allocation Committee (FAAC) revenue-sharing formula and the financial realities of NLNG’s dividend payments.
Onanuga noted that paying ₦250 billion each to Nigeria’s 36 states alone would amount to ₦9 trillion, excluding allocations to the Federal Government, the Federal Capital Territory and the 774 local government councils.
He stated that while states receive 26.72 per cent of distributable Federation Account revenue, the total NLNG dividend required to fund such a payout would have to exceed ₦33.68 trillion, equivalent to about $25 billion, in a single declaration.
Onanuga said: “Under the Federation Account Allocation Committee (FAAC) formula, states receive 26.72% of the distributable Federation Account revenue. For the states’ share alone to reach ₦9 trillion, total NLNG dividends paid into the Federation Account would have to exceed ₦33.68 trillion (about $25 billion) in a single declaration.
“NLNG has never paid $25 billion in dividends to the Federation Account in a single payout.”
Onanuga said NLNG had paid about $21.5 billion in dividends to the federation over the past 25 years, with less than $3 billion received since President Bola Tinubu assumed office.
The presidential spokesman accused Makinde of making misleading statements in pursuit of his presidential ambition, urging him to present verifiable facts instead of what he described as unfounded allegations.
He stated: “NLNG has paid approximately $21.5 billion in dividends to the Federation over the last 25 years, with less than $3 billion realised since President Bola Ahmed Tinubu assumed office.
“Therefore, any claim that a single payout exceeds the company’s entire lifetime distribution to the Federation—and is being withheld—defies basic logic and economic reality.
“We expect Governor Makinde to be more measured in his public conduct and utterances. Since he embarked on his presidential bid, he has 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.
“He once described the huge financial flow from the federation account to states, including Oyo, as ‘voodoo’.
“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.”
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