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The Presidency has clarified Governor Seyi Makinde’s claim that the Federal Government is withholding ₦250 billion in NLNG dividends for each state of the Federation, saying it is false.
At the Budget 2027 Stakeholder Consultative Engagement held on Friday at the Olola Ogunlana Hall, International Conference Centre, University of Ibadan, Makinde said the funds would not be released until after the 2027 elections. He further said the Federal Government had spent the money.
“Each state was supposed to receive ₦250 billion. We had already identified projects that would expand the economy of Oyo State. But now they have said the money will not be paid until after the elections. Are the elections more important than the people of Nigeria?” the governor said.
Makinde’s latest claim that the Federal Government is withholding the NLNG dividend windfall is false and should be ignored.
According to presidential spokesperson, Bayo Onanuga, facts the public should know about how the Federation account is managed, how the dividend is managed and how money is shared between the three levels of government.
“Even as a one-off distribution, ₦250 billion to each of the 36 states is equivalent to ₦9 trillion, excluding the federal government, the FCT and the 774 local councils,” he said, adding that, “according to the Federation Account Allocation Committee (FAAC) formula, states receive 26.72% of the distributable revenue of the federation account. For the states’ share alone to reach ₦9 trillion ₦, total NLNG dividends paid into the Federation’s account are expected to exceed ₦33.68 trillion (about $25 billion) in a single declaration.
He said NLNG never paid $25 billion in dividends to the Federation’s account in a single payment.
He said NLNG has paid about $21.5 billion in dividends to the Federation over the past 25 years, with less than $3 billion realized since President Bola Ahmed Tinubu assumed office.
“Therefore, any claim that a single payment exceeds the company’s entire lifetime distribution to the Federation – and is denied – defies basic logic and economic reality.
“We expect Governor Makinde to be more measured in his public conduct and statements. Since he embarked on his presidential bid, he has chosen to play politics by making misleading claims rather than presenting verifiable facts. In fact, he has turned false and misguided statements and claims into an art form.
“He once described the huge financial flow from the federation account to the states, including Oyo, as ‘voodoo’.
“Under Nigerian law, Governor Makinde is free to pursue his presidential ambition and should refrain from making falsehoods and disinformation the hallmarks of his campaign.
“We urge the public to ignore these unfounded claims, which only serve to mislead citizens and fuel unnecessary disaffection with federal authorities.”
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