.Says the report is false and should be disregarded
.Describes as basically illogical and lacking economic reality the claim that a supposed single payout exceeds company’s entire 25 years lifetime distribution to govt purse
Deji Elumoye in Abuja
The Presidency on Sunday punctured claims by Governor Seyi Makinde of Oyo State that the federal government was withholding N250 billion dividends accruing to each of the 36 states from the Nigerian Liquified and Natural Gas (NLNG) saying the claim was false and should be disregarded forthwith.
Makinde had on Friday at the 2027 Budget Stakeholders’ Consultative Engagement held at the Olola Ogunlana Hall, International Conference Centre, University of Ibadan claimed the funds would not be released until after the 2027 elections adding that the Federal Government had spent the money.
“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.
Reacting to the claim, The Presidency in a release issued by presidential spokesperson, Bayo Onanuga stated that
Makinde’s latest claim that the Federal Government is withholding the NLNG dividend windfall is false and should be disregarded.
He explained how the Federation Account is managed and how money is shared among the three tiers of government.
According to him: “Even as a one-off distribution, ₦250 billion to each of the 36 states amounts to ₦9.0 trillion, excluding the Federal Government, the FCT, and the 774 local councils.
“Under the Federation Account Allocation Committee (FAAC) formula, states receive 26.72% of the 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.”
The Presidency added that NLNG has never paid $25 billion in dividends to the Federation Account in a single payout.
It further delved into NLNG and its Historical Dividend Context saying
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 Tinubu assumed office.
The Presidency also posited that 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.
“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’.
“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.
“We urge the public to disregard these unfounded claims, which serve only to mislead citizens and stoke needless disaffection against the Federal authorities,” the Presidency further said.