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Onanuga says the alleged payout would amount to N9tn, insisting that NLNG has never paid $25bn in dividends in a single disbursement
The Presidency has dismissed as false a claim by Oyo State Governor Seyi Makinde that the Federal Government is withholding N250 billion in Nigerian Liquefied Natural Gas (NLNG) dividends meant for each state until after the 2027 general elections.
In a statement on Saturday, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, urged Nigerians to disregard the claim, arguing that the figures cited by the governor were inconsistent with NLNG’s dividend payment history.
Makinde had reportedly made the allegation on Friday at the 2027 Budget Stakeholders’ Consultative Engagement held at Olola Ogunlana Hall, International Conference Centre, University of Ibadan.
The governor said each state was expected to receive N250 billion and that his administration had identified projects that would boost Oyo State’s economy. He alleged, however, that the funds would not be released 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 was quoted as saying.
Reacting, Onanuga said a one-off payment of N250 billion to each of Nigeria’s 36 states would amount to N9 trillion, excluding the Federal Government, the Federal Capital Territory and the 774 local government areas.
He 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.
According to him, for the states’ share alone to reach N9 trillion, total NLNG dividends paid into the Federation Account would have to exceed N33.68 trillion, equivalent to about $25 billion, in a single declaration.
“NLNG has never paid $25 billion in dividends to the Federation Account in a single payout,” the Presidency said.
Onanuga added that NLNG had paid approximately $21.5 billion in dividends to the Federation over the past 25 years, with less than $3 billion realised since President Bola Ahmed Tinubu assumed office.
“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 said.
The presidential spokesman also criticised Makinde’s public statements, accusing him of making misleading claims since embarking on his presidential ambition rather than presenting verifiable facts.
“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. Indeed, he has turned false, unguarded statements and claims into an art form,” Onanuga said.
He recalled that the governor had previously described the substantial flow of funds from the Federation Account to states, including Oyo, as “voodoo”.
Onanuga acknowledged that Makinde was entitled under Nigerian law to pursue his presidential ambition but urged him to avoid what he described as falsehoods and disinformation in his campaign.
“We urge the public to disregard these unfounded claims, which serve only to mislead citizens and stoke needless disaffection against the Federal authorities,” the statement added.
