The Presidency has hit back at Oyo State Governor Seyi Makinde over his claim that the Federal Government is withholding ₦250 billion in Nigeria LNG (NLNG) dividends for each state of the federation until after the 2027 elections.
In a strongly worded response, the Presidency dismissed the allegation as false, insisting that the figures simply do not add up.
Makinde had reportedly raised the alarm at the 2027 Budget Stakeholders’ Consultative Engagement held at the International Conference Centre, University of Ibadan, claiming that the funds could have helped finance projects to expand Oyo State’s economy but would allegedly not be released until after the elections.
“Is the election more important than the people of Nigeria?” the governor reportedly asked.
But the Presidency has fired back with a blunt counterargument: Where would ₦9 trillion in state allocations come from if the alleged dividend payout never existed in the first place?
According to the Presidency, paying ₦250 billion to each of Nigeria’s 36 states would amount to ₦9 trillion in a single distribution, excluding the Federal Government, the FCT and the country’s 774 local government areas.
Under the Federation Account Allocation Committee (FAAC) revenue-sharing formula cited by the Presidency, states receive 26.72 per cent of distributable Federation Account revenue. On that basis, the states’ combined share could reach ₦9 trillion only if the total distributable revenue exceeded ₦33.68 trillion.
The Presidency argues that such a figure is nowhere near NLNG’s reported dividend payments to the Federation.
It further stated that NLNG has 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.
“NLNG has never paid $25 billion in dividends to the Federation Account in a single payout,” the statement maintained.
The Presidency questioned how a single alleged payout could exceed the company’s entire reported lifetime dividend distribution to the Federation, insisting that the claim lacks economic credibility.
But the response did not stop at the numbers.
The Presidency also took aim at Makinde’s public statements, accusing the governor of politicising financial matters as he pursues his presidential ambition. It recalled his previous description of financial allocations from the Federation Account to states, including Oyo, as “voodoo.”
It urged the governor to substantiate his claims with verifiable evidence rather than make allegations it says could mislead the public and fuel distrust in the Federal Government.
Under Nigerian law, the Presidency acknowledged, Makinde is free to pursue his presidential ambition. However, it insisted that political ambition should not come at the expense of factual accuracy.
The central question now is whether documentary evidence exists to support Makinde’s claim of ₦250 billion per state in withheld NLNG dividends—and whether the Presidency’s figures fully account for the specific funds under discussion.
For a controversy involving trillions of naira and the finances of all 36 states, the public deserves more than political accusations and counteraccusations. It deserves transparent figures, clear documentation and verifiable answers.
Presidency Fires Back At Makinde: “₦250B Per State” NLNG Claim Doesn't Add Up
