By Dennis Okechukwu
The Presidency has dismissed Oyo State Governor Seyi Makinde’s claim that the Federal Government is withholding ₦250 billion in Nigeria LNG Limited (NLNG) dividends for each state of the federation until after the 2027 general elections.
The Presidency described the claim as false, arguing that the amount being suggested was inconsistent with the historical dividends paid by NLNG to the Federation Account.
The rebuttal was contained in a statement issued on Sunday by Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy.
Makinde had made the allegation on Friday during the 2027 Budget Stakeholders’ Consultative Engagement at the Olola Ogunlana Hall, International Conference Centre, University of Ibadan.
The governor alleged that the Federal Government had informed states that the money would not be released until after the 2027 elections, despite plans by his administration to invest the funds in projects aimed at expanding Oyo State’s economy.
“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?” Makinde was quoted as saying.
However, the Presidency urged Nigerians to disregard the allegation, insisting that the figures cited by the governor did not align with the revenue-sharing arrangements governing the Federation Account.
According to the statement, a one-off payment of ₦250 billion to each of Nigeria’s 36 states would amount to ₦9 trillion, excluding the Federal Government, the Federal Capital Territory and the country’s 774 local government councils.
It explained that under the Federation Account Allocation Committee (FAAC) revenue-sharing formula, states receive 26.72 per cent of distributable Federation Account revenue.
On that basis, the Presidency argued that the total NLNG dividends paid into the Federation Account would have to exceed ₦33.68 trillion, equivalent to approximately $25 billion, for the states’ share alone to reach ₦9 trillion.
“NLNG has never paid $25 billion in dividends to the Federation Account in a single payout,” the statement said.
The Presidency further disclosed that NLNG had paid approximately $21.5 billion in dividends to the Federation over the past 25 years, with less than $3 billion realised since Tinubu assumed office.
It argued that the suggestion that a single dividend payment could exceed the company’s entire historical contribution to the Federation Account was inconsistent with available figures.
The statement also criticised Makinde’s public comments, accusing him of making misleading claims since embarking on his presidential ambition.
“We expect Governor Makinde to be more measured in his public conduct and utterances,” the Presidency said, adding that he should focus on presenting verifiable facts rather than making what it described as misleading political statements.
It recalled that the governor had previously described the substantial financial allocations from the Federation Account to states, including Oyo, as “voodoo.”
The Presidency acknowledged that Makinde was constitutionally free to pursue his presidential ambition but urged him to avoid what it characterised as falsehoods and disinformation in his campaign.
It called on Nigerians to disregard the governor’s allegation, saying it could mislead citizens and create unnecessary hostility towards the Federal Government.
The statement was dated October 18, 2026.