The Presidency has dismissed claims by Oyo State Governor Seyi Makinde that the Federal Government is withholding ₦250 billion in Nigeria LNG Limited (NLNG) dividends allocated to each state until after the 2027 general elections.
Makinde made the claim on Friday at the 2027 Budget Stakeholders’ Consultative Engagement held at Olola Ogunlana Hall, International Conference Centre, University of Ibadan. The Allied Peoples Movement (APM) presidential candidate also alleged that the Federal Government had already spent the funds.
“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, presidential spokesman Bayo Onanuga, in a statement on Sunday, rejected the allegation, describing it as false.
“Makinde’s latest claim that the Federal Government is withholding the NLNG dividend windfall is false and should be disregarded,” Onanuga said.
He explained that the distribution of funds from the Federation Account follows an established revenue-sharing formula among the three tiers of government, arguing that the figures cited by the governor were inconsistent with the scale of NLNG’s dividend payments.
“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,” he said.
Onanuga noted that, under the Federation Account Allocation Committee (FAAC) revenue-sharing formula, states receive 26.72 per cent of distributable Federation Account revenue.
He argued that for the states’ share alone to reach ₦9 trillion, total NLNG dividends paid into the Federation Account would have to exceed ₦33.68 trillion, or approximately $25 billion, in a single declaration.
“NLNG has never paid $25 billion in dividends to the Federation Account in a single payout,” he said.
Providing historical context, the presidential spokesman said 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 Bola Tinubu assumed office.
“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,” Onanuga added.
He also criticised Makinde’s public statements, urging the governor to exercise greater restraint in his comments as he pursues his presidential ambition.
“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.
Onanuga further accused the governor of repeatedly making unsubstantiated claims, recalling his description of the substantial revenue allocations from the Federation Account to states, including Oyo, as “voodoo”.
While acknowledging Makinde’s right to pursue the presidency, the spokesman urged him to avoid spreading what he described as falsehoods and disinformation during 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 read.
