President Bola Tinubu
The Presidency has rejected Governor Seyi Makinde’s claim that the Federal Government is withholding ₦250 billion in Nigeria LNG (NLNG) dividends meant for each of the 36 states, describing the allegation as false and misleading.
In a statement issued on Sunday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the Presidency said Governor Makinde’s remarks at the 2027 Budget Stakeholders’ Consultative Engagement in Ibadan did not reflect the true position of the Federation Account.
Makinde had alleged that each state was entitled to ₦250 billion from NLNG dividends but claimed the money would not be released until after the 2027 general election.
He said, “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?”
Responding to the allegation, the Presidency insisted that the claim was false and urged Nigerians to disregard it.
According to the statement, distributing ₦250 billion to each of the 36 states alone would amount to about ₦9 trillion, excluding the shares due to the Federal Government, the Federal Capital Territory and the 774 local government councils.
The Presidency explained that under the Federation Account Allocation Committee (FAAC) revenue-sharing formula, states receive 26.72 per cent of distributable Federation Account revenue, meaning total NLNG dividends would have to exceed ₦33.68 trillion, or about 25 billion dollars, for states to receive such an amount.
It stressed that NLNG has never paid 25 billion dollars in dividends to the Federation Account in a single declaration.
Providing further context, the Presidency said NLNG had paid about 21.5 billion dollars in dividends to the Federation over the last 25 years, with less than three billion dollars received since President Bola Tinubu assumed office.
It added that any suggestion that a single dividend payment exceeded the company’s total lifetime distribution was inconsistent with available records and economic reality.
The statement also accused Makinde of making misleading political claims since declaring his presidential ambition and urged him to rely on verifiable facts in public discussions.
The Presidency further recalled that the Oyo State governor had previously described increased allocations from the Federation Account to states as “voodoo.”
While affirming Makinde’s constitutional right to seek the presidency, the Presidency urged him to avoid spreading what it described as falsehood and disinformation during the campaign season.
It called on Nigerians to disregard the governor’s claim, insisting that accurate information on the management and distribution of Federation Account revenues remains in the public interest.
