The Presidency has dismissed claims by Oyo State Governor Seyi Makinde that the Federal Government is withholding ₦250 billion in Nigeria Liquidation Natural Gas (NLNG) dividends for each state describing the statement false, misleading, and mathematically impossible.
In a press statement issued on Sunday by Bayo Onanuga, Special Adviser to the President on Information and Strategy, the government responded to remarks made by Governor Makinde during the 2027 Budget Stakeholders’ Consultative Engagement at the University of Ibadan.
Makinde had claimed that the funds were being withheld until after the 2027 general elections and alleged that the money had already been spent by the Federal Government.
Dismissing the claim, the Presidency pointed out that a distribution of ₦250 billion to each of the 36 states would total ₦9 trillion for states alone, excluding allocations for the Federal Government, the Federal Capital Territory (FCT), and the 774 local government councils.
Under the existing Federation Account Allocation Committee (FAAC) sharing formula, states are entitled to 26.72% of distributable revenues, meaning total NLNG dividends would need to surpass ₦33.68 trillion in a single payout to fund such a distribution.
Providing historical context, the Presidency noted that NLNG has paid approximately $21.5 billion in total dividends to the Federation over the past 25 years, with less than $3 billion realized since President Bola Ahmed Tinubu assumed office.
The Presidency stressed that any claim of a single payout exceeding the company’s entire lifetime distribution defies basic economic reality.
The Presidency also criticized the Oyo State governor for turning false and unguarded statements into an art form since launching his presidential bid, urging him to pursue his political ambitions without relying on disinformation.
The Presidency urged Citizens to disregard the claims, which the administration described as an attempt to mislead the public and create needless disaffection against federal authorities.
