The Presidency has dismissed Oyo State Governor Seyi Makinde’s claim that the Federal Government is withholding ₦250 billion in Nigeria LNG Limited (NLNG) dividends for each state until after the 2027 general elections, describing the allegation as false and economically implausible.
The Presidency challenged Makinde to provide verifiable facts to support his allegation, insisting that the figures he cited do not align with the country’s revenue-sharing formula or NLNG’s historical dividend payments.
Makinde had raised the issue on Friday during the 2027 Budget Stakeholders’ Consultative Engagement at the Olola Ogunlana Hall, International Conference Centre, University of Ibadan, where he alleged that the funds had been earmarked for states but would not be released until after the elections.
The governor said Oyo State had already identified projects that could expand its economy but was being prevented from accessing the expected funds.
“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?” Makinde was quoted as saying.
However, the Presidency, in a statement issued on Sunday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, rejected the allegation and urged Nigerians to disregard it.
According to the statement, a one-off payment of ₦250 billion to each of the 36 states would amount to ₦9 trillion, excluding allocations to the Federal Government, the Federal Capital Territory and the 774 local government councils.
It explained that under the Federation Account Allocation Committee (FAAC) revenue-sharing formula, states receive 26.72 per cent of distributable revenue from the Federation Account.
For the states’ collective share alone to reach ₦9 trillion, the statement said, total NLNG dividends paid into the Federation Account would have to exceed ₦33.68 trillion, equivalent to approximately $25 billion, in a single declaration.
“NLNG has never paid $25 billion in dividends to the Federation Account in a single payout,” the Presidency stated.
Providing historical context, the Presidency said NLNG had paid approximately $21.5 billion in dividends to the Federation over the preceding 25 years, with less than $3 billion realised since President Bola Tinubu assumed office.
It argued that the claim of a single dividend payout exceeding the company’s entire historical distribution to the Federation was inconsistent with the available figures.
The Presidency also accused Makinde of using misleading claims for political purposes as he pursues his presidential ambition ahead of the 2027 elections.
It recalled the governor’s previous description of the substantial financial allocations flowing from the Federation Account to states, including Oyo, as “voodoo”.
“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.
The Presidency added that although Makinde was constitutionally entitled to pursue his presidential ambition, he should refrain from making what it described as falsehoods and disinformation central to his campaign.
It urged Nigerians to disregard the governor’s allegation, arguing that it could mislead citizens and generate unnecessary hostility towards the Federal Government.
The statement was dated October 18, 2026.