The Presidency has dismissed Oyo State Governor Seyi Makinde’s claim that the Federal Government is withholding ₦250 billion in Nigeria LNG Limited (NLNG) dividends for each state until after the 2027 general elections, describing the allegation as false.
The clarification was contained in a statement issued on Sunday, October 18, by presidential spokesman Bayo Onanuga, who argued that the figures cited by the governor were inconsistent with NLNG’s historical dividend payments and the revenue-sharing formula of the Federation Account.
Makinde had raised the issue during the 2027 Budget Stakeholders’ Consultative Engagement at the Olola Ogunlana Hall, International Conference Centre, University of Ibadan, on Friday.
The governor alleged that the Federal Government had delayed the release of the funds until after the elections, despite states having identified projects they intended to finance with 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?” the governor said.
However, the Presidency rejected the allegation, insisting that the amount claimed by Makinde did not align with the revenue-sharing arrangements governing funds distributed through the Federation Account.
“Makinde’s latest claim that the Federal Government is withholding the NLNG dividend windfall is false and should be disregarded,” the statement said.
Presidency questions ₦250bn allocation claim
Onanuga argued that distributing ₦250 billion to each of Nigeria’s 36 states would require a total of ₦9 trillion, excluding the Federal Government, the Federal Capital Territory and the 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 revenue.
According to the Presidency, for the states alone to receive ₦9 trillion from NLNG dividends, the total amount paid into the Federation Account would have to exceed ₦33.68 trillion, equivalent to approximately $25 billion, in a single declaration.
The statement said such a payout had never occurred.
“NLNG has never paid $25 billion in dividends to the Federation Account in a single payout,” it said.
The Presidency also cited the company’s historical dividend payments to challenge the governor’s claim.
“NLNG has paid approximately $21.5 billion in dividends to the Federation over the last 25 years, with less than $3 billion realised since President Bola Ahmed Tinubu assumed office,” the statement added.
READ ALSO: 2027: Makinde Accuses FG Of Delaying States’ NLNG Dividends
It argued that the alleged single payout would exceed the company’s entire dividend distribution to the Federation over 25 years.
“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,” the Presidency said.
Presidency accuses Makinde of political misinformation
Beyond disputing the figures, the Presidency criticised Makinde’s public statements, linking the governor’s comments to his presidential ambition ahead of the 2027 elections.
Onanuga urged the Oyo governor to exercise restraint and present verifiable information when discussing public finances.
“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. Indeed, he has turned false, unguarded statements and claims into an art form,” the statement said.
The presidential spokesman also recalled that Makinde had previously described the substantial financial allocations states received from the Federation Account, including those accruing to Oyo State, as “voodoo”.
While acknowledging the governor’s right to pursue his presidential ambition, the Presidency urged him to avoid statements it described as false and misleading.
“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 statement concluded by urging Nigerians to disregard the governor’s allegation, arguing that it could mislead citizens and create unnecessary hostility towards the Federal Government.
“We urge the public to disregard these unfounded claims, which serve only to mislead citizens and stoke needless disaffection against the Federal authorities,” it said.
The dispute comes amid heightened political activity ahead of the 2027 elections, with public finances, revenue allocation and the management of government resources likely to remain contentious issues as political actors seek to defend their records and challenge their opponents.
The Presidency’s statement, however, focused on disputing the scale of the alleged NLNG dividend payout and did not provide a separate breakdown of any specific dividend funds reportedly awaiting distribution to the states.