Presidency Refutes Makinde’s ?250bn LNLG Claim

The Presidency has refuted a claim by the Oyo State Governor and presidential candidate of the Allied People’s Movement in the 2027 general election, Seyi Makinde, in which the latter alleged that the Federal Government was withholding ?250 billion per State dividend from the Nigeria Liquified Natural Gas (NLNG).

In a State House statement issued yesterday by the Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, the Presidency described the governor’s claim as false and said “it should be disregarded.”

Makinde had, at the 2027 Budget Stakeholders’ Consultative Engagement held at the Olola Ogunlana Hall, International Conference Centre, University of Ibadan, last Friday, alleged that the funds would not be released until after the 2027 elections.

Makinde alleged, “Each state was supposed to get ?250 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?”

In response, Onanuga said that “Makinde’s latest claim that the Federal Government is withholding the NLNG dividend windfall is false and should be disregarded.”

The statement read in part, “The Presidency wishes to clarify Governor Seyi Makinde’s claim that the Federal Government is withholding ?250 billion in NLNG dividends for each state of the Federation.

“At the 2027 Budget Stakeholders’ Consultative Engagement held at the Olola Ogunlana Hall, International Conference Centre, University of Ibadan, on Friday, Makinde claimed the funds would not be released until after the 2027 elections. He further claimed that the Federal Government had spent the money.

“Makinde’s latest claim that the Federal Government is withholding the NLNG dividend windfall is false and should be disregarded.”

The Presidency affirmed that the “NLNG has never paid $25 billion in dividends to the Federation Account in a single payout.”

“Here are the facts the public should know about how the Federation Account is managed and how money is shared among the three tiers of government.

“Even as a one-off distribution, ?250 billion to each of the 36 states amounts to ?9.0 trillion, excluding the Federal Government, the FCT, and the 774 local councils.

“Under the Federation Account Allocation Committee (FAAC) formula, states receive 26.72% of the distributable Federation Account revenue. For the states’ share alone to reach ?9 trillion, total NLNG dividends paid into the Federation Account would have to exceed ?33.68 trillion (about $25 billion) in a single declaration,” the statement added.

Based on history, the Presidency stated, “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 Ahmed 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’.”

The statement stressed that according to the nation’s Constitution, Makinde has the freedom to “pursue” his presidential ambition, but it urged the APM presidential candidate to “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.”