The Presidency has rejected Governor Seyi Makinde’s claim that the Federal Government is withholding ₦250 billion in Nigeria LNG (NLNG) dividends for each state, describing the allegation as false and economically implausible.
Makinde made the claim during the 2027 Budget Stakeholders’ Consultative Engagement at the University of Ibadan on Friday.
He alleged that the funds, which Oyo State had earmarked for projects to expand its economy, would not be released until after the 2027 elections.
“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.
In a statement issued on Sunday, the Presidency said the claim failed to account for how revenue distributed through the Federation Account is shared among the federal, state and local governments.
According to the statement signed by Bayo Onanuga, Special Adviser to the President on Information and Strategy, ₦250 billion for each of Nigeria’s 36 states would amount to ₦9 trillion.
Under the Federation Account Allocation Committee formula, states receive 26.72 per cent of distributable federation revenue.
The Presidency argued that for the states’ share alone to reach ₦9 trillion, total NLNG dividends paid into the Federation Account would have to exceed ₦33.68 trillion, or approximately $25 billion, in a single payout.
“NLNG has never paid $25 billion in dividends to the Federation Account in a single payout,” the statement said.
It added 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 Ahmed Tinubu assumed office.
The Presidency therefore dismissed the allegation that a single NLNG dividend payment of ₦250 billion per state was being withheld, saying such a payment would exceed the company’s entire historical distribution to the Federation.
It accused Makinde, who is seeking the presidency, of using misleading claims for political purposes and urged him to provide verifiable evidence for his assertions.
Makinde has not, in the statement provided, offered a detailed breakdown of the alleged allocation or responded to the Presidency’s calculations.