Oyo State Governor Seyi Makinde has alleged that President Bola Tinubu’s administration spent N9 trillion in dividends from Nigeria Liquefied Natural Gas Limited (NLNG) that were expected to be distributed to Nigeria’s 36 states and told state governments to expect payment only after the 2027 general elections.
According to Mr Makinde, each state government was entitled to N250 billion.
Speaking at the stakeholders’ consultative engagement on the 2027 budget at the University of Ibadan on Friday, Mr Makinde said the federal government retained the funds, depriving states of billions of naira they had planned to invest in development projects.
“They fooled us. The Nigeria LNG paid dividends to the federal government, which went straight into the Federation Account, but they spent it,” Mr Makinde said.
He said state governors were unable to challenge Mr Tinubu’s decision to spend the funds without distributing them to the states.
“So, what do we do? They did the consultancy, reconciled the figures, and each state of the federation was supposed to be paid, but they spent the money alone. The federal government spent it alone,” the Oyo governor said.
He estimated that each state was expected to receive N250 billion, adding that his administration had identified projects to be funded with the money.
“Each state should receive more than N250 billion. Okay. We were planning towards this, identified projects that we can invest the money in to further expand the economy of Oyo State.”
Mr Makinde said Mr Tinubu had assured the governors that the funds would be paid after the elections.
“Now, they say they are not going to pay that money until after the election. Is the election more important than the people of Nigeria?”
He suggested that the president was deliberately withholding the funds as a political strategy over concerns that governors would use the funds to support APC opponents during the polls.
“Well, maybe they felt that when they pay the money to the states, the governors may have control over it and use it to work against you. Even at that, are you saying the election is more important than the people of Nigeria? Even if they use the money to work against you, is it your money?”
Mr Makinde is a presidential candidate contesting under the Allied Peoples Movement (APM) in the 2027 general elections.
Presidential aide Bayo Onanuga did not immediately return comments on Mr Makinde’s claim that the president spent trillions of naira meant for Nigerians.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.