….Stop Spreading Falsehood, Your Claims are Inconsistent with NLNG Dividend Payment
The Presidency has dismissed claims by Oyo State Governor, Seyi Makinde, that the Federal Government is withholding N250 billion Nigeria Liquefied Natural Gas (NLNG) dividends meant for each state until after the 2027 general elections.
The Special Adviser to the President on Information and Strategy, Bayo Onanuga, in a statement on Sunday, described the claim as false and inconsistent with historical NLNG dividend payments to the Federation.
Governor Makinde had alleged at the 2027 Budget Stakeholders’ Consultative Engagement at the International Conference Centre, University of Ibadan on Friday, that each state was expected to receive N250 billion for development projects but that the Federal Government had decided to withhold the funds until after the 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 said.
Faulting the claim, Onanuga argued that paying N250 billion to each of the 36 states alone would amount to N9 trillion, excluding allocations to the Federal Government, Federal Capital Territory and 774 local government areas.
He explained that under the Federation Account Allocation Committee (FAAC) sharing formula, states receive 26.72 per cent of distributable revenue. For states’ share alone to hit N9 trillion, he said, total NLNG dividends paid into the Federation Account would have to exceed N33.68 trillion, or about $25 billion, in a single declaration.
“NLNG has never paid $25 billion in dividends to the Federation Account in a single payout,” Onanuga stated.
He added that NLNG had paid about $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.
Onanuga criticised the governor for what he described as misleading public statements since declaring his presidential ambition, urging him to be more measured in his utterances.
“We expect Governor Makinde to be more measured in his public conduct and utterances,” he said, recalling Makinde’s previous description of FAAC allocations as “voodoo”.
The Presidency urged Nigerians to disregard the claim, saying it was capable of misleading the public and creating unnecessary tension.
