The Presidency has dismissed claims by Oyo State Governor Seyi Makinde that the Federal Government is withholding ₦250 billion in Nigeria Liquefied Natural Gas (NLNG) dividends for each state, describing the allegation as misleading and inconsistent with available revenue records.
In a statement issued on Sunday, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, said the figures cited by the governor did not align with established revenue-sharing arrangements or NLNG’s historical dividend payments.
Makinde had made the allegation at the 2027 Budget Stakeholders’ Consultative Engagement held on Friday at Olola Ogunlana Hall, International Conference Centre, University of Ibadan. He claimed that the Federal Government had postponed the payment of the funds to states until after the 2027 general elections.
Responding, Onanuga argued that allocating ₦250 billion to each of the 36 states would amount to ₦9 trillion, excluding the shares of the Federal Government, the Federal Capital Territory and the 774 local government councils.
He explained that under the Federation Account Allocation Committee revenue-sharing formula, states collectively receive 26.72 per cent of distributable Federation Account revenue.
According to him, for the states to receive ₦9 trillion under that arrangement, the total NLNG dividend declaration would have to exceed ₦33.68 trillion, or approximately $25 billion.
Onanuga said NLNG had never made a single dividend payment of that magnitude into the Federation Account, describing the figures attributed to Makinde as economically implausible.
Providing historical figures, the presidential spokesperson said NLNG had paid approximately $21.5 billion in dividends to the Federation over the past 25 years, with less than $3 billion received since President Bola Tinubu assumed office.
He questioned how a single allegedly withheld dividend payment could exceed the company’s cumulative distributions over more than two decades.
Onanuga also criticised Makinde’s previous comments on federal revenue allocations, recalling that the governor had described increased inflows from the Federation Account to states, including Oyo, as “voodoo”.
He accused the governor of allowing his presidential ambition to influence his public statements on government finances, alleging that some of his claims were politically motivated rather than based on verifiable information.
The presidential spokesperson said the Presidency expected greater restraint and responsibility from the Oyo governor, accusing him of making “false and unguarded statements” a recurring feature of his political engagements.
While acknowledging Makinde’s constitutional right to seek the presidency, Onanuga cautioned against spreading what he described as falsehoods and disinformation during political campaigns.
He maintained that discussions on Federation Account revenues and allocations should be based on verifiable financial records rather than assertions that could mislead the public and undermine confidence in federal institutions.
Makinde’s Position
Makinde had alleged that the Federal Government spent NLNG dividends intended for distribution to states and subsequently deferred payment until after the 2027 general elections.
He said his administration had identified strategic projects to be funded from Oyo State’s expected allocation, warning that the alleged delay could affect development planning and economic growth.
“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.
