From Juliana Taiwo-Obalonye, Abuja
The Presidency has dismissed Oyo State Governor Seyi Makinde’s allegation that the Federal Government is withholding N250 billion in Nigerian Liquefied Natural Gas (NLNG) dividends due to each state until after the 2027 general elections, describing the claim as false and inconsistent with available financial records.
It challenged the governor to substantiate the allegation, arguing that the amount he claimed was being withheld far exceeded the scale of NLNG’s historical dividend payments to the Federation.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, in a statement on Sunday, said a payment of N250 billion to each of Nigeria’s 36 states would amount to N9 trillion, excluding the shares of the Federal Government, Federal Capital Territory and 774 local government councils.
He explained that under the Federation Account Allocation Committee (FAAC) revenue-sharing formula, states receive 26.72 per cent of distributable Federation Account revenue, meaning that a N9 trillion allocation to states alone would require total NLNG dividends exceeding N33.68 trillion.
According to him, the amount would be equivalent to approximately $25 billion in a single dividend declaration, a figure he maintained was unsupported by NLNG’s payment history.
“NLNG has never paid $25 billion in dividends to the Federation Account in a single payout,” Onanuga declared.
He disclosed 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 in May 2023.
The Presidency’s reaction followed Makinde’s remarks at the 2027 Budget Stakeholders’ Consultative Engagement held on Friday at the Olola Ogunlana Hall, International Conference Centre, University of Ibadan.
At the event, the Oyo governor alleged that the Federal Government had decided to postpone the disbursement of NLNG dividend proceeds until after the 2027 elections, despite the development projects states had planned to execute with the expected funds.
“Each state was supposed to get N250 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 asked.
The governor’s allegation suggested that the postponement could affect the implementation of development projects across the states, raising questions about the timing of revenue disbursements ahead of the general elections.
However, Onanuga rejected the claim, insisting that the figures cited by Makinde did not correspond with NLNG’s historical dividend payments or the established revenue-sharing framework.
He accused the governor of making misleading public statements in pursuit of his presidential ambition and urged him to refrain from spreading what the Presidency described as disinformation.
The presidential spokesman also recalled Makinde’s earlier description of the increased Federation Account allocations received by states, including Oyo, as “voodoo”, questioning the consistency of the governor’s public statements on government revenue.
“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,” Onanuga said.
The Presidency urged Nigerians to disregard the allegation, maintaining that claims about the withholding of NLNG dividends should be supported by verifiable financial records rather than political assertions.
It warned that unsubstantiated statements concerning public revenue could mislead citizens and generate unnecessary hostility towards the Federal Government.