The Presidency has dismissed a claim by Oyo State Governor Seyi Makinde that the Federal Government is withholding N250 billion in Nigeria LNG Limited (NLNG) dividends meant for each of the 36 states until after the 2027 general elections.
The Presidency described the claim as false, arguing that the amount cited by the governor was inconsistent with the revenue-sharing formula and the historical dividends paid by NLNG to the Federation.
Makinde had made the claim on Friday at the 2027 Budget Stakeholders’ Consultative Engagement held at the Olola Ogunlana Hall, International Conference Centre, University of Ibadan.
The governor alleged that the Federal Government had decided to delay the release of the funds until after the elections, despite states having identified projects to be funded with the money.
“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?” he said.
However, in a statement on Sunday, Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, said the governor’s claim was misleading and should be disregarded.
Mr Onanuga said a distribution of N250 billion to each of the 36 states would amount to N9 trillion, excluding allocations to the Federal Government, the Federal Capital Territory and the 774 local government areas.
He argued that the amount would require an exceptionally large dividend payout by NLNG to the Federation Account.
According to the presidential spokesman, states receive 26.72 per cent of distributable revenue from the Federation Account Allocation Committee (FAAC).
He said that, based on the formula, the states’ share alone could reach N9 trillion only if total NLNG dividends paid into the Federation Account exceeded N33.68 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,” Mr Onanuga said.
He added 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 Tinubu assumed office.
The presidential spokesman argued that the amount allegedly being withheld by the Federal Government would exceed the company’s entire historical dividend payments to the Federation.
“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,” he said.
Mr Onanuga also criticised the governor’s public statements, accusing him of making misleading claims since embarking on his presidential ambition.
He urged Mr Makinde to exercise restraint in his public utterances and support his claims with verifiable facts.
“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,” he said.
The presidential spokesman further recalled that the governor had previously described the substantial financial allocations from the Federation Account to states, including Oyo, as “voodoo”.
He said Mr Makinde was entitled to pursue his presidential ambition but should not make what he described as falsehoods and disinformation the basis of his campaign.
“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,” he said.
The Presidency urged Nigerians to disregard the governor’s claim, arguing that it could mislead citizens and create unnecessary hostility towards the Federal Government.
The statement did not provide a breakdown of the specific NLNG dividend payments or identify any particular disbursement schedule that the governor may have been referring to.
It also did not indicate whether the Federal Government had separately communicated any decision to delay a particular payment to the states.