By Our Reporter
The Presidency has dismissed Oyo State Governor, Engr Seyi Makinde’s claim that the Federal Government is withholding ₦250 billion in dividends from the Nigeria Liquefied Natural Gas (NLNG) Limited for each state of the federation, describing the allegation as false and misleading.
The Presidency said the amount claimed by Makinde was inconsistent with the revenue-sharing formula and NLNG’s historical dividend payments to the Federation Account.
Makinde had made the claim on Friday at the 2027 Budget Stakeholders’ Consultative Engagement held at Olola Ogunlana Hall, International Conference Centre, University of Ibadan, alleging that the Federal Government had postponed the release of the funds until after the 2027 general elections.
The governor said his administration had identified projects that would expand Oyo State’s economy but was now being prevented from accessing 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 had said.
However, in a statement issued on Sunday, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, rejected the allegation, urging Nigerians to disregard what he described as an unfounded claim.
Onanuga explained that a one-off 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 areas.
He said that, under the Federation Account Allocation Committee (FAAC) revenue-sharing formula, states receive 26.72 per cent of distributable revenue from the Federation Account.
According to him, 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,” Onanuga said.
Providing historical context, the presidential aide 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.
He argued that the claim of a single dividend payout exceeding the company’s entire historical distribution to the Federation was inconsistent with the available figures.
The Presidency also criticised Makinde’s public statements, accusing him of making misleading claims for political purposes since embarking on his presidential ambition.
Onanuga urged the governor to exercise restraint in his public utterances, adding that his political aspirations should not be pursued through what the Presidency described as falsehoods 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 presidential aide also recalled Makinde’s previous description of the substantial financial inflows from the Federation Account to states, including Oyo, as “voodoo”.
The Presidency urged Nigerians to disregard the governor’s allegation, arguing that it could mislead citizens and create unnecessary tension between the public and the Federal Government.
