…Says N9 Trillion Claim Defies Logic, NLNG Never Paid $25bn At Once*
The Presidency has dismissed claims by the Oyo State Governor, Seyi Makinde, that the Federal Government is withholding N250 billion in Nigeria Liquefied Natural Gas (NLNG) dividends meant for each state of the federation until after the 2027 general elections.
Makinde had made the claim at the 2027 Budget Stakeholders’ Consultative Engagement held at the Olola Ogunlana Hall, International Conference Centre, University of Ibadan on Friday, alleging that the Federal Government had 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?” Makinde had said.
But in a statement on Saturday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the Presidency described the claim as false and misleading.
The Presidency said Makinde’s latest claim that the Federal Government is withholding the NLNG dividend windfall is false and should be disregarded.
According to the statement, even as a one-off distribution, N250 billion to each of the 36 states amounts to N9.0 trillion, excluding the share of 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 the distributable Federation Account revenue, noting that for states’ share alone to reach N9 trillion, total NLNG dividends paid into the Federation Account would have to exceed N33.68 trillion (about $25 billion) in a single declaration.
The Presidency stated that NLNG has never paid $25 billion in dividends to the Federation Account in a single payout.
Providing historical context, it disclosed that NLNG has paid approximately $21.5 billion in dividends to the Federation over the last 25 years, with less than $3 billion realised since President Bola Ahmed Tinubu assumed office.
“Therefore, 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 urged Makinde to be more measured in his public conduct, accusing him of turning false claims into an art form since embarking on his presidential bid.
“We expect Governor Makinde to be more measured in his public conduct and utterances. Since he embarked on his presidential bid, he has chosen to play politics by making misleading claims rather than presenting verifiable facts. Indeed, he has turned false, unguarded statements and claims into an art form,” Onanuga said.
He recalled that Makinde once described the huge financial flow from the federation account to states, including Oyo, as ‘voodoo’.
“Under Nigerian law, Governor Makinde is free to pursue his presidential ambition. He should desist from making falsehoods and disinformation the hallmarks of his campaign,” the statement added.
The Presidency urged the public to disregard the claims, which it said were aimed at misleading citizens and stoking disaffection against the Federal Government.
