The Presidency has dismissed claims by Oyo State Governor Seyi Makinde that the Federal Government is withholding ₦250 billion in Nigeria LNG Limited (NLNG) dividend windfall meant for each state, describing the allegation as false.
Makinde made the claim during the 2027 Budget Stakeholders’ Consultative Engagement held at the Olola Ogunlana Hall, International Conference Centre, University of Ibadan, on Friday.
The governor alleged that the Federal Government would not release the funds until after the 2027 elections and claimed the money had already been spent. Makinde is also the presidential candidate of the Allied Peoples Movement (APM).
“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?” the governor said.
However, presidential spokesman Bayo Onanuga rejected the allegation in a statement on Sunday, insisting that the Federal Government was not withholding the claimed NLNG dividend windfall.
“Makinde’s latest claim that the Federal Government is withholding the NLNG dividend windfall is false and should be disregarded,” Onanuga said.
He explained how the Federation Account is managed and how revenue is distributed among the federal, state and local governments, arguing that the figures cited by Makinde did not align with the country’s revenue-sharing structure.
Onanuga said that distributing ₦250 billion to each of Nigeria’s 36 states in a single payment would amount to ₦9 trillion, excluding the Federal Government, the Federal Capital Territory and the 774 local government councils.
He further explained that, under the Federation Account Allocation Committee (FAAC) revenue-sharing formula, states receive 26.72 per cent of distributable Federation Account revenue.
“For the states’ share alone to reach ₦9 trillion, total NLNG dividends paid into the Federation Account would have to exceed ₦33.68 trillion (about $25 billion) in a single declaration,” he said.
The Presidency maintained that NLNG had never paid such an amount in dividends to the Federation Account in a single payout.
“NLNG has never paid $25 billion in dividends to the Federation Account in a single payout,” the statement said.
Providing historical figures, Onanuga noted that NLNG had paid approximately $21.5 billion in dividends to the Federation over the past 25 years, with less than $3 billion received since President Bola 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,” he said.
The presidential spokesman also criticised Makinde over his public statements, urging him to be more careful with his claims as he pursues his presidential ambition.
“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. He once described the huge financial flow from the federation account to states, including Oyo, as ‘voodoo’,” Onanuga said.
While acknowledging that Makinde had the right to pursue his presidential ambition, the Presidency urged him to avoid spreading claims it described as false and misleading.
“We urge the public to disregard these unfounded claims, which serve only to mislead citizens and stoke needless disaffection against the Federal authorities,” the statement read in part.
