The Presidency has dismissed Oyo State Governor Seyi Makinde’s claim that the Federal Government is withholding ₦250 billion in Nigeria LNG (NLNG) dividends for each state until after the 2027 general elections.
In a statement issued on Sunday, President Bola Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, described the allegation as false and urged Nigerians to disregard it.
Makinde made the claim during the 2027 Budget Stakeholders’ Consultative Engagement in Ibadan, where he said states had been expecting the funds and had identified projects to support economic growth.
However, the Presidency argued that paying ₦250 billion to each of the 36 states would require a total of ₦9 trillion for states alone, excluding the Federal Government, the Federal Capital Territory and 774 local government areas.
It said states receive 26.72 percent of distributable Federation Account revenue under the Federation Account Allocation Committee (FAAC) formula. Based on this formula, the Presidency estimated that a single NLNG dividend payout exceeding ₦33.68 trillion, or about $25 billion, would be required to provide ₦250 billion to each state.
Onanuga added that NLNG had paid approximately $21.5 billion in dividends to the Federation over 25 years, with less than $3 billion received since Tinubu assumed office.
He urged Makinde, who is seeking the presidency under the Allied Peoples Movement, to avoid making claims he described as misleading and politically motivated.
However, NLNG disclosed in July that it had paid $47.2 billion in cumulative dividends to all its shareholders since commencing operations. The Federal Government, through NNPC Limited, owns a 49 percent stake in the company.
The dispute centres on Makinde’s allegation that the expected state allocations had been withheld. The Presidency has rejected the claim, insisting that the amount cited is inconsistent with NLNG’s dividend payment history.
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