By Quazeem Halimot Bukola
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 revenue for each state, describing the allegation as false.
Makinde made the claim on Friday at the 2027 Budget Stakeholders’ Consultative Engagement held at Olola Ogunlana Hall, International Conference Centre, University of Ibadan.
The governor alleged that the Federal Government had delayed the release of the funds until after the 2027 general elections, adding that the money had already been spent. He said Oyo State had identified projects that would expand its economy but could not proceed without the expected funds.
“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 said.
However, Presidential spokesman Bayo Onanuga, in a statement issued on Sunday, rejected the allegation, urging the public to disregard it.
Onanuga explained that the figures cited by the governor did not align with the revenue-sharing formula under the Federation Account Allocation Committee (FAAC).
According to him, distributing ₦250 billion to each of the 36 states would amount to ₦9 trillion, excluding the Federal Government, the Federal Capital Territory and the 774 local government areas.
He noted that states receive 26.72 per cent of distributable revenue from the Federation Account. For the states to collectively receive ₦9 trillion from NLNG dividends, total dividends paid into the account would have to exceed ₦33.68 trillion, or approximately $25 billion, in a single payout.
Onanuga maintained that NLNG had never paid $25 billion in dividends to the Federation Account in a single declaration. He added that the company had paid approximately $21.5 billion in dividends to the Federation over the past 25 years, with less than $3 billion realised since President Bola Tinubu assumed office.
The presidential spokesman also criticised Makinde’s public statements, accusing him of making misleading claims for political purposes since declaring his presidential ambition under the Allied Peoples Movement (APM). He cited the governor’s previous description of substantial revenue allocations from the Federation Account to states, including Oyo, as “voodoo”.
While acknowledging Makinde’s right to contest the presidency, Onanuga urged him to avoid making false claims and spreading disinformation during his campaign.
The exchange comes amid growing political activity ahead of the 2027 general elections, with revenue allocation and the management of public funds featuring prominently in political discourse.
