The Presidency has accused Oyo State Governor Seyi Makinde of using an allegation that the Federal Government is withholding N250 billion in Nigeria Liquefied Natural Gas (NLNG) dividends meant for each state to court voters ahead of the 2027 general elections.
The Presidency dismissed the governor’s claim as false and economically unrealistic, challenging him to produce verifiable financial records to support his allegation.
In a statement issued on Sunday, the Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, accused Makinde of making misleading claims about federal revenue management for political advantage.
The controversy erupted after Makinde alleged on Friday that the Federal Government had spent NLNG dividend payments belonging to the states and decided to postpone their release until after the 2027 elections.
The governor made the allegation during the 2027 Budget Stakeholders’ Consultative Engagement at the University of Ibadan, where he expressed concern that the delay would affect development projects planned by his administration.
Makinde said Oyo State had already identified projects that would be financed with its expected share of the dividends.
“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?” he asked.
However, the Presidency rejected the allegation, arguing that the figures cited by the governor did not correspond with NLNG’s historical dividend payments to the Federation.
Onanuga said allocating N250 billion to each of the 36 states would amount to N9 trillion, excluding the shares of the Federal Government, the Federal Capital Territory and the 774 local government councils.
He explained that states receive 26.72 per cent of distributable Federation Account revenue under the Federation Account Allocation Committee (FAAC) revenue-sharing formula.
According to him, for the states’ combined share to reach N9 trillion, NLNG would have had to declare dividends exceeding N33.68 trillion.
The Presidency insisted that there was no evidence in the company’s financial history to support such a figure.
Onanuga said NLNG had paid approximately $21.5 billion in dividends to the Federation over the past 25 years, with less than $3 billion realised since Tinubu assumed office in May 2023.
He further argued that the alleged N250 billion entitlement for each state would require a dividend payout of about $25 billion, exceeding the company’s entire dividend payments to the Federation over the period.
“Makinde’s latest claim that the Federal Government is withholding the NLNG dividend windfall is false and should be disregarded,” Onanuga said.
He maintained that NLNG had never paid $25 billion in dividends to the Federation Account in a single payout.
“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,” he added.
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The Presidency also questioned the timing of Makinde’s allegation, linking it to his reported ambition to contest the 2027 presidential election.
Onanuga accused the governor of playing politics with issues relating to public revenue and attempting to create a negative impression of the Tinubu administration’s financial management.
“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.
The Presidency also recalled Makinde’s previous description of substantial financial allocations to states, including Oyo, as “voodoo”, arguing that his latest comments reflected what it considered a pattern of questionable statements about federal revenue.
While acknowledging the governor’s right to pursue his presidential ambition, Onanuga urged him to ensure that his public allegations were backed by evidence.
“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,” he said.
The Presidency urged Nigerians to disregard the allegation, warning that it could mislead the public and generate unnecessary hostility towards the Federal Government.
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