The Presidency has denied allegations by Oyo State Governor Seyi Makinde that the Federal Government is holding back Nigeria LNG (NLNG) dividend funds until after the 2027 elections.
In a statement issued Sunday, Bayo Onanuga, President Bola Tinubu’s Special Adviser on Information and Strategy, described the allegation as false and urged the public not to rely on it. He also called on Makinde to be cautious in his public comments.
Makinde, who is seeking the Allied Peoples Movement’s presidential ticket for 2027, had said states were expecting ₦250 billion each from the funds. He claimed Oyo State had identified projects to support its economy but was told the money would not be released before the election.
“Is the election more important than the people of Nigeria?” Makinde asked.
Onanuga argued that the figures cited by the governor did not align with the way Federation Account revenue is distributed. Paying ₦250 billion to each of Nigeria’s 36 states would require ₦9 trillion for the states alone, he said, before accounting for the Federal
Government, the FCT and local councils.
Under the Federation Account Allocation Committee formula, states receive 26.72 per cent of distributable revenue. Onanuga said the NLNG would therefore have to pay more than ₦33.68 trillion in dividends in a single declaration for states to receive ₦9 trillion.
He added that NLNG had never made a dividend payment of that size. According to the statement, the company has paid about $21.5 billion in dividends to the Federation over 25 years, with less than $3 billion received since Tinubu took office.
The Presidency said claims that a single, exceptionally large payment was being withheld were inconsistent with the company’s dividend history. It accused Makinde of making misleading statements for political purposes and urged Nigerians to disregard his allegation.
The dispute now centres on competing accounts of the NLNG funds and their distribution. The Presidency has presented its explanation, while Makinde has raised concerns about when states will receive the money. Nigerians will need clear, verifiable information on the funds’ status and allocation to judge the claims for themselves.
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