The Presidency has come down hard on Oyo State Governor, Seyi Makinde, over his allegation that the Federal Government is withholding N250 billion in Nigeria Liquefied Natural Gas, NLNG, dividends meant for each of the 36 states.
In a strongly-worded statement, the Presidency described Makinde’s claim as false, economically unrealistic and designed to mislead Nigerians ahead of the 2027 general elections.
How Makinde Raised The Alarm
Governor Makinde had, at the 2027 Budget Stakeholders’ Consultative Engagement at the University of Ibadan on Friday, alleged that the Federal Government had spent NLNG dividends belonging to states and was deliberately deferring payment until after the 2027 elections.
“Each state was supposed to get N250 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 queried.
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The governor said his administration had already earmarked projects to be funded with the expected windfall.
Presidency: Makinde’s Maths Does Not Add Up
Reacting yesterday, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, challenged Makinde to produce verifiable financial records to back his claim.
Onanuga broke down the figures, arguing that if each of the 36 states were entitled to N250 billion, their collective share alone would amount to N9 trillion, excluding the shares of the Federal Government, the FCT and the 774 local government councils.
Under the FAAC sharing formula, states receive 26.72 percent of distributable Federation Account revenue. For their share to hit N9 trillion, Onanuga said NLNG would have had to declare dividends exceeding N33.68 trillion — an amount he said has never happened.
According to the Presidency, NLNG has paid approximately $21.5 billion in dividends to the Federation in the last 25 years, with less than $3 billion realised since President Bola Tinubu assumed office in May 2023.
“Makinde’s latest claim that the Federal Government is withholding the NLNG dividend windfall is false and should be disregarded. NLNG has never paid $25 billion in dividends to the Federation Account in a single payout,” Onanuga said.
“Therefore, 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.”
2027 Politics At Play
The Presidency linked Makinde’s outburst to his reported presidential ambition, accusing him of resorting to disinformation to mobilise support.
“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,” the statement said.
It also recalled that Makinde had previously dismissed substantial allocations to states, including Oyo, as “voodoo”, describing his latest claim as part of a pattern of questionable statements on federal revenue.
While affirming the governor’s constitutional right to contest for president, the Presidency urged him to base his campaign on facts, not falsehoods.
“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,” Onanuga added, urging Nigerians to disregard the allegation.
