The Presidency and Oyo State Governor Seyi Makinde have exchanged accusations over his claim that the Federal Government is withholding ₦250 billion in Nigeria Liquefied Natural Gas (NLNG) dividends meant for each state.
The Presidency, in a statement issued on Sunday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, described the governor’s claim as false and urged Nigerians to disregard it.
Makinde, who is also the presidential candidate of the Allied Peoples Movement (APM), had alleged that the Federal Government was withholding the funds until after the 2027 general election.
He made the claim during the 2027 Budget Stakeholders’ Consultative Engagement at the Olola Ogunlana Hall, International Conference Centre, University of Ibadan, on Friday.
The governor said Oyo State had identified projects that would support its economic growth but was told the money would not be released until after the election.
The Presidency argued that distributing ₦250 billion to each of Nigeria’s 36 states would amount to ₦9 trillion, excluding the Federal Government, the Federal Capital Territory and the 774 local government areas.
According to Onanuga, states receive 26.72 per cent of distributable Federation Account revenue under the Federation Account Allocation Committee (FAAC) formula.
He said the states’ share alone would require total NLNG dividends exceeding ₦33.68 trillion, or about $25 billion, in a single declaration.
The Presidency maintained that NLNG had never paid $25 billion in dividends to the Federation Account in one transaction.
It added that the company had paid approximately $21.5 billion in dividends to the federation over 25 years, with less than $3 billion realised since President Bola Tinubu assumed office.
The statement described Makinde’s claim as inconsistent with the company’s dividend history and the available figures.
The Presidency also accused the governor of making misleading statements for political purposes as he pursues his presidential ambition.
However, Makinde, through his Special Adviser on Media, Dr Sulaimon Olanrewaju, challenged the Presidency to explain how NLNG dividends paid into the Federation Account had been distributed.
The governor’s camp said a reconciliation exercise conducted by a consultant engaged by the Nigeria Governors’ Forum (NGF), with Federal Government support, had identified an alleged shortfall of about ₦9 trillion owed to states and local governments.
According to the statement, the report remains in the custody of both the Federal Government and the NGF.
Makinde’s aide argued that the Presidency’s reference to NLNG’s cumulative dividend payments over 25 years did not address the central question of how much was received during the period under discussion and how the money was shared.
He asked whether states and local governments had received their respective allocations, how much they received and what happened to the approximately $3 billion reportedly paid under the current administration.
The governor’s camp maintained that the issue could only be resolved through the relevant financial records.
The Makinde-Daura Presidential Campaign Organisation also rejected the Presidency’s response, accusing it of avoiding the substance of the allegation.
In a statement signed by its Director of Communications, Richard Nnanna Ihediwa, the organisation challenged Tinubu to clarify whether the dividends in question had been paid to the states.
It called on the Presidency to publish relevant NLNG dividend receipts, FAAC decisions and official communications showing the amounts received, approved for distribution and the timing of any proposed payments.
The campaign organisation argued that NLNG’s historical dividend payments could not, by themselves, establish whether a specific payment had been received, approved, delayed or withheld.
It also questioned whether the Federal Government had the constitutional authority to withhold funds accruing to states.
The organisation maintained that Makinde’s demand for accountability was legitimate and said it remained ready to provide further clarification on the governor’s claims.
The dispute remains unresolved, with the Presidency disputing the governor’s figures while Makinde’s camp insists that the government should disclose the records detailing the receipt and distribution of the dividends.
