The Presidency has dismissed Gov. 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 on Sunday in Abuja.
The Presidency said the claim was inconsistent with available figures, explaining that paying N250 billion to each of the 36 states would require N9 trillion. It added that this 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. According to Onanuga, 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. The Presidency also criticised the governor’s public statements, recalling that he had previously described substantial revenue allocations to states, including Oyo, as “voodoo”.
Onanuga said Makinde was constitutionally entitled to pursue his presidential ambition but urged him to exercise restraint in his public comments. He accused the governor of making false claims and spreading disinformation, warning that such allegations could mislead Nigerians and create unnecessary disaffection against the Federal Government.
The Presidency urged Nigerians to disregard the allegation, maintaining that the figures did not support the claim that N250 billion in NLNG dividends was being withheld for each state ahead of the 2027 elections.
