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The Presidency Sunday dismissed Governor Seyi Makinde’s claim that the federal government is withholding N250 billion in Nigeria LNG Ltd (NLNG) dividends for each state until after the 2027 general elections.
Presidential spokesperson, Mr Bayo Onanuga, described the allegation as false in a statement issued in Abuja.
The presidency said the claim was inconsistent with available figures, stating that paying N250 billion to each of the 36 states would require N9 trillion.
It added that the calculation excluded the federal government, the Federal Capital Territory (FCT) and the 774 local government areas.
Makinde had alleged that the funds were being withheld until after the elections, claiming that the federal government had already spent the money.
The governor made the allegation on Friday during the 2027 Budget Stakeholders’ Consultative Engagement at Olola Ogunlana Hall, International Conference Centre, University of Ibadan.
“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.
However, the presidency said the states’ share of distributable Federation Account revenue was 26.72 per cent under the Federation Account Allocation Committee (FAAC) revenue-sharing formula.
Onanuga said for the states’ allocation alone to reach N9 trillion, total NLNG dividends paid into the Federation Account would have to exceed N33.68 trillion, or about 25 billion dollars, in one payout.
“NLNG has never paid $25 billion in dividends to the Federation Account in a single payout,” he said.
The presidency further stated that NLNG had paid approximately 21.5 billion dollars in dividends to the Federation over the past 25 years.
It added that less than three billion dollars had been realised since President Bola Tinubu assumed office.
Onanuga argued that the alleged single payout would exceed the company’s entire historical dividend contribution to the federation, making Makinde’s claim inconsistent with the available figures. (NAN)
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