The presidency has disputed Oyo State Governor Seyi Makinde’s allegation that the Federal Government is withholding N250bn in Nigeria LNG (NLNG) dividends for each state until after the 2027 general election.
Presidential spokesman, Bayo Onanuga, said Makinde’s figures do not correspond with NLNG’s dividend history.
Reacting on Sunday, Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, said the claim was false, citing the dividends NLNG had paid into the federation account over the years.
Makinde had raised the issue at 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 funds would not be released until after the election and claimed that the Federal Government had already 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.
But Onanuga argued that the proposed allocation would require a sum far greater than the amount NLNG had historically paid to the FG.
He said distributing N250bn to each of the 36 states would amount to N9trn, excluding the Federal Government, the Federal Capital Territory and the 774 local government councils.
He noted that under the Federation Account Allocation Committee (FAAC) revenue-sharing formula, states receive 26.72 per cent of distributable Federation Account revenue.
Onanuga said total NLNG dividends paid into the Federation Account would have to exceed N33.68trn, or about $25bn, in a single declaration for the states to receive N9trn from their statutory share.
“NLNG has never paid $25 billion in dividends to the Federation Account in a single payout,” he said.
The presidential aide added that NLNG had paid approximately $21.5bn in dividends to the Federation over the past 25 years, and that only $3bn has been realised since President Tinubu assumed office.
Onanuga also accused Governor Makinde of making misleading statements since declaring his presidential ambition, and urged him to substantiate his claims with verifiable information.
He cited Makinde’s previous description of financial allocations from the Federation Account to states, including Oyo, as ‘voodoo’, and urged the governor to avoid falsehoods and disinformation during his campaign.
