The Presidency has dismissed as false a claim by Oyo State Governor Seyi Makinde that the federal government is withholding N250 billion in NLNG dividends meant for each state, urging the public to disregard it.
Makinde, who is the presidential candidate of the Allied Peoples Movement (APM), had alleged that the money would not be released until after the 2027 elections.
In a statement on Sunday, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, said the claim “defies basic logic and economic reality.”
What Makinde said
Speaking at the 2027 Budget Stakeholders’ Consultative Engagement at the Olola Ogunlana Hall, International Conference Centre, University of Ibadan, on Friday, Makinde claimed the federal government had already spent the money.
“Each state was supposed to get N250 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?” he asked.
Presidency’s response
The Presidency said that even as a one-off payment, N250 billion to each of the 36 states would amount to N9 trillion, excluding the federal government, the FCT and the 774 local councils.
It explained that under the Federation Account Allocation Committee (FAAC) formula, states receive 26.72 per cent of distributable revenue. For the states’ share alone to reach N9 trillion, NLNG would have to pay more than N33.68 trillion, about $25 billion, into the Federation Account in a single declaration.
According to the Presidency, NLNG has never paid such an amount in one payout. It said the company has paid about $21.5 billion in dividends to the Federation over 25 years, with less than $3 billion realised since President Bola Tinubu assumed office.
“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,” the statement said.
The Presidency also accused the governor of making “misleading claims rather than presenting verifiable facts” since he began his presidential bid. It said that while he is free under the law to pursue his ambition, he should stop spreading falsehoods and disinformation.
Makinde doubles down
Makinde responded late on Sunday, challenging the Presidency to explain how NLNG dividends paid into the Federation Account were shared.
In a statement signed by his Special Adviser on Media, Dr Sulaimon Olanrewaju, he said a reconciliation exercise by a consultant engaged by the Nigeria Governors’ Forum (NGF), with federal government support, identified a shortfall of about N9 trillion owed to states and local governments.
The statement said the federal government had accepted the findings and that the report is held by both the federal government and the NGF. “We trust the Presidency will not deny its existence,” it said.
Olanrewaju noted that Makinde is the NGF’s vice-chairman. He said the Presidency, while giving figures on NLNG’s payments, failed to explain how the funds were disbursed.
“Have states and local governments received their shares? How much did they receive? And how were those amounts calculated? What happened to the $3 billion received under this administration?” he asked.
Campaign organisation reacts
The Makinde-Daura Campaign Organisation also rejected the Presidency’s denial. In a statement signed by its Director of Communications, Richard Nnanna Ihediwa, it accused the Presidency of evading the core issue and insisted that President Tinubu is running a “voodoo economy.”
The campaign challenged the President to say directly whether the dividends have been paid to the states. It also asked the Presidency to publish the relevant NLNG dividend receipts, FAAC decisions and official communications showing the amounts received, the sums approved for distribution and the timing of payments to states.
It argued that citing NLNG’s 25-year cumulative payments does not settle the matter, and that the real question is the amount actually under discussion, which only official records can establish.
The campaign added that demanding accountability for public funds is a civic right, and that Makinde’s presidential ambition does not exempt the federal government from scrutiny.
It also claimed the Tinubu administration is “jittery” over Makinde’s rising popularity and his RESET NIGERIA Agenda.
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