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 for each state until after the 2027 general elections.
In a statement on Sunday, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, described the claim as false, urging Nigerians to disregard it.
Makinde had alleged at his 2027 Budget Stakeholders’ Consultative Engagement in Ibadan that the funds, which he said would have supported projects to expand Oyo State’s economy, would not be released until after the elections.
However, the Presidency argued that the figures cited by the Governor did not align with the realities of NLNG’s dividend payments and the distribution of revenue through the Federation Account.
According to Onanuga, ₦250 billion for each of the 36 states would amount to ₦9 trillion, excluding the Federal Government, the Federal Capital Territory and the 774 local government councils.
He explained that, under the Federation Account Allocation Committee, FAAC, revenue-sharing formula, states receive 26.72 per cent of distributable revenue, meaning total NLNG dividends would have to exceed ₦33.68 trillion for the states’ share alone to reach ₦9 trillion.
The Presidency further stated 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 Tinubu assumed office.
Onanuga accused Makinde of making misleading claims for political purposes and urged him to substantiate his public statements with verifiable facts.
The Presidency called on Nigerians to disregard what it describes as unfounded claims capable of misleading citizens and creating unnecessary tension between the public and the Federal Government.
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Editor: Terverr Tyav
