The presidency today rubbished claim by Oyo State Governor, Seyi Makinde that it is withholding ₦250 billion in Nigeria LNG Limited (NLNG) dividends meant for each state in the country.
Speaking on Friday at the 2027 Budget Stakeholders’ Consultative Engagement held at the Olola Ogunlana Hall, International Conference Centre, University of Ibadan, Makinde claimed the funds was being held until after the 2027 elections.
The Allied Peoples Movement (APM) presidential candidate also claimed that the Federal Government had spent 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.
But presidential spokesman Bayo Onanuga, in a statement on Sunday, said, “Makinde’s latest claim that the Federal Government is withholding the NLNG dividend windfall is false and should be disregarded.”
The presidency said, “NLNG has never paid $25 billion in dividends to the Federation Account in a single payout.”
Giving a historical context, he noted that the 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 Tinubu assumed office.
“Even as a one-off distribution, ₦250 billion to each of the 36 states amounts to ₦9.0 trillion, excluding the Federal Government, the FCT, and the 774 local councils.
“Under the Federation Account Allocation Committee (FAAC) formula, states receive 26.72% of the distributable Federation Account revenue. For the states’ share alone to reach ₦9 trillion, total NLNG dividends paid into the Federation Account would have to exceed ₦33.68 trillion (about $25 billion) in a single declaration.”
“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.
“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. He once described the huge financial flow from the federation account to states, including Oyo, as ‘voodoo’.”
While admitting that Governor Makinde is free to pursue his presidential ambition, the presidency asked him to “desist from making falsehoods and disinformation the hallmarks of his campaign”.
“We urge the public to disregard these unfounded claims, which serve only to mislead citizens and stoke needless disaffection against the Federal authorities,” the statement said.
