The Presidency has described as false claim by the Oyo State Governor, Seyi Makinde, that the Federal Government is withholding N250 billion in NLNG dividends for each state of the Federation.
Special Adviser to President on Information and Strategy Bayo Onanuga, stated this in a statement issued on Sunday in response to Makinde’s claim at 2027 Budget Stakeholders Consultative Engagement held at Olola Ogunlana Hall International Conference Centre University of Ibadan on Friday.
Onanuga said Makinde claimed that funds would not be released until after the 2027 elections and that the Federal Government had spent money.
He quoted the governor as saying, “Each state was supposed to get N250 billion. We had already identified projects that would expand the Oyo State economy. But they have now said money will not be paid until after the election. Is the election more important than the people of Nigeria?”
The Presidency said that the Federal Government is withholding NLNG dividend windfall should be disregarded.
It explained that even as a one off distribution, N250 billion to each of the 36 states amounts to N9 trillion excluding Federal Government, FCT and 774 local councils.
It said under the Federation Account Allocation Committee (FAAC) formula, states receive 26.72 percent of distributable Federation Account revenue. For states’ share alone to reach N9 trillion, total NLNG dividends paid into Federation Account would have to exceed N33.68 trillion about $25 billion in single declaration.
According to the Presidency, NLNG has never paid $25 billion in dividends to Federation Account in a single payout.
It said NLNG has paid approximately $21.5 billion in dividends to Federation over the last 25 years, with less than $3 billion realised since President Bola Tinubu assumed office.
It said therefore that single payout exceeds company entire lifetime distribution to Federation and is being withheld defies logic and economic reality.
Onanuga said Governor Makinde should be more measured in public conduct and utterances, adding that since he embarked on presidential bid he has chosen to play politics by making misleading claims rather than presenting verifiable facts.
He said, “He once described the huge financial flow from federation accounts to states including Oyo as voodoo.”
He said under Nigerian law, Governor Makinde is free to pursue presidential ambition but should desist from making falsehoods and disinformation hallmarks of his campaign.
The presidency urged the public to disregard unfounded claims which it said serve only to mislead citizens and stoke needless disaffection against Federal authorities.
