Presidency Rejects Dividend Withholding Allegations
The Presidency has dismissed claims by Oyo State Governor Seyi Makinde that the Federal Government is withholding ₦250 billion in Nigeria LNG Limited (NLNG) dividends due to each state until after the 2027 general elections, according to Tribune Online.
Bayo Onanuga, Special Adviser to the President on Information and Strategy, characterized Makinde’s assertion as speculation. The Presidency stated that NLNG has never paid $25 billion in dividends into the Federation Account in a single payout.
According to the Presidency, approximately $21.5 billion was paid over the past 25 years, with less than $3 billion realized since President Bola Tinubu assumed office.
Fiscal Impossibility of Single Payout
The Presidency argued that a one-off payment of ₦250 billion to each of the 36 states would amount to ₦9 trillion. Under the Federation Account Allocation Committee (FAAC) formula, states receive 26.72% of total allocations.
For the states' share to reach ₦9 trillion, total NLNG dividends would have to exceed ₦33.68 trillion in a single declaration, the Presidency noted.
Makinde’s Ibadan Remarks and Political Context
Makinde made the claim at the 2027 Budget Stakeholders’ Consultative Engagement in Ibadan last week. He alleged that the delay in releasing funds was undermining economic expansion efforts across the country.
"Each state was supposed to get ₦250 billion," Makinde said. "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.
The Presidency described Makinde as the presidential candidate of the Allied Peoples Movement and urged him to exercise restraint. It noted that he had previously described substantial financial allocations from the Federation Account as "voodoo." The Presidency stated that under Nigerian law, Governor Makinde is free to pursue his presidential ambition but should desist from making falsehoods and disinformation the hallmarks of his campaign.