October 19, (THEWILL) – The Presidency has clarified Governor Seyi Makinde’s claim that the Federal Government is withholding N250 billion in NLNG dividends for each state of the federation, saying his view is false.
At the 2027 Budget Stakeholders’ Consultative Engagement held at the Olola Ogunlana Hall, International Conference Centre, University of Ibadan, on Friday, Makinde, Presidential candidate of Allied Peoples Movement, APM, claimed the funds would not be released until after the 2027 election. He further claimed that the Federal Government had spent the money.
“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?” the governor said. In a rebuttal, the Presidency said that Makinde’s latest claim that the Federal Government is withholding the NLNG dividend windfall is false and should be disregarded.
According to presidential spokesperson, Bayo Onanuga, the facts the public should know about how is how the dividend is managed and how money is shared among the three tiers of government. Even as a one-off distribution, N250 billion to each of the 36 states amounts to N9.0 trillion, excluding the Federal Government, the FCT, and the 774 local councils,”, he said, adding that, “under the Federation Account Allocation Committee (FAAC) formula, states receive 26.72 per cent of the distributable Federation Account revenue. For the states’ share alone to reach N9 trillion, total NLNG dividends paid into the Federation Account would have to exceed N33.68 trillion (about $25 billion) in a single declaration.
He said NLNG has never paid $25 billion in dividends to the Federation Account in a single payout. He said NLNG has paid approximately $21.5 billion in dividends to the Federation over the last 25 years, with less than $3 billion realised since President Bola Tinubu assumed office.
“Therefore, any claim that a single payout exceeds the company’s entire lifetime distribution to the federation—and is being withheld—defies basic logic and economic reality.
“We expect Governor Makinde to be more measured in his public conduct and utterances. Since he embarked on his presidential bid, he has chosen to play politics by making misleading claims rather than presenting verifiable facts. Indeed, he has turned false, unguarded statements and claims into an art form.
“He once described the huge financial flow from the federation account to states, including Oyo, as ‘voodoo’.
“Under Nigerian law, Governor Makinde is free to pursue his presidential ambition. He should desist from making falsehoods and disinformation the hallmarks of his campaign.
“We urge the public to disregard these unfounded claims, which serve only to mislead citizens and stoke needless disaffection against the Federal authorities.”
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Responding, the Makinde-Daura Presidential Campaign Organization (MDPCO) described the position of the Presidency as a lame attempt to evade the core issues raised by the Presidential candidate of the APM.
The MDPCO insisted that the NLNG Dividend accruable to states is being withheld by the Tinubu-led Federal Government, stressing that instead of coming clean on why the fund was withheld, the Tinubu Presidency in its characteristic resort to lies, falsehood, distortions and propaganda, left the issue to play around with unsupported figures in the bid to hoodwink Nigerians and divert public attention from this constitutional violation and assault on the states
A statement by Richard Ihediwa, Director of Strategic Communications of the MDPCO, stated that if the Tinubu Presidency claims that Governor Makinde was wrong in his view that N250 billion NLNG dividend meant for states was withheld, the administration has a duty to directly tell Nigerians if the said dividends have been paid to the states rather than resorting to personal attacks on the APM Presidential candidate.
The MDPCO therefore, challenged the Presidency to publish the relevant NLNG dividend receipts, Federation Account Allocation Committee (FAAC) decisions and official communications establishing the amounts received, the sums approved for distribution and the timing of the proposed payments to states.
“Nigerians deserve clear answers to three fundamental questions of how much the NLNG pay in dividends during the period under discussion and the amount credited to the Federation Account. They need to know how much was approved for distribution to the states,’, the organization said, adding that, “Invoking NLNG’s cumulative dividend payments in the last 25 years does not answer these questions. Historical totals cannot, by themselves, establish the amount received during a specific period and the sum available for distribution.
“It does not answer whether a particular payment was proposed, approved, received, delayed or withheld. Those questions can only be settled by the relevant financial records.
“If the Presidency’s argument is that allocating N250 billion to each of the 36 states would amount to N9 trillion, a sum NLNG has never paid as a single dividend as it alleged, that calculation does not resolve the matter.
“The question is not whether N9 trillion was ever paid in a single transaction, but the amount that is actually under discussion as can be established by the official records.”
Felix Ifijeh is a journalist with years of professional reporting experience. Known for his keen news sense, compelling storytelling and commitment to accurate, impactful reporting, he has built a reputation for turning leads into clear, engaging, and well-structured reports that resonate with readers. His work reflects deep newsroom experience and a commitment to accurate, impactful journalism.
