The Presidency has dismissed as false Oyo State Governor Seyi Makinde’s claim that the Federal Government is withholding N250 billion in Nigeria Liquefied Natural Gas (NLNG) dividends for each 36 of the states until after the 2027 elections, saying the figure defies basic logic and is inconsistent with NLNG’s dividend payment history.
Special Adviser to the President on Information and Strategy, Bayo Onanuga in a statement described the bogus claim as one that fails basic fiscal arithmetic.
He said a one-time payment of ₦250 billion to each state would total ₦9 trillion, before allocations to the Federal Government, the Federal Capital Territory ( FCT) and 774 local government councils nationwide.
Onanuga said under the Federation Account Allocation Committee formula, states receive 26.72% of distributable Federation Account revenue.
He said for their share alone to reach ₦9 trillion, NLNG would have had to pay more than ₦33.68 trillion, roughly $25 billion, into the Federation Account in a single declaration.
The Presidency said no such payout has ever occurred, calling the claim mathematically and economically implausible.
It added that NLNG has paid about $21.5 billion in dividends to the Federation over 25 years, with less than $3 billion received since President Bola Tinubu took office in 2023.
The Presidency accused Makinde of using “misleading claims” to advance his campaign and urged the public to disregard the allegation.
“Governor Makinde is free to pursue his presidential ambition,” the statement said, “but he should desist from making falsehoods and disinformation the hallmarks of his campaign.”
Makinde made the allegation Friday at a 2027 budget consultative event at the University of Ibadan, saying funds that could have financed economic projects in Oyo State would not be released until after next year’s elections.
“Is the election more important than the people of Nigeria?” he asked.
