The Nigerian Presidency has dismissed Oyo State Governor Seyi Makinde’s claim that the Federal Government is withholding ₦250 billion in Nigeria LNG (NLNG) dividends for each state until after the 2027 general elections, arguing that the figures are inconsistent with historical dividend payments and the Federation Account revenue-sharing formula.

In a statement responding to the governor, the Presidency described the allegation as false, insisting that the amount claimed would require an unprecedented dividend payout far exceeding NLNG’s historical distributions to the Federation.

Makinde made the allegation on Friday at the 2027 Budget Stakeholders’ Consultative Engagement held at the Olola Ogunlana Hall, International Conference Centre, University of Ibadan.

The governor said each state was expected to receive ₦250 billion from the purported dividend windfall, adding that Oyo State had identified projects intended to expand its economy but had been informed that the money would not be released until after the 2027 elections.

“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,” Makinde said.

He questioned why the electoral timetable should take precedence over the needs of Nigerians.

Presidency challenges the figures

The Presidency argued that distributing ₦250 billion to each of Nigeria’s 36 states would amount to ₦9 trillion in total, excluding the Federal Government, the Federal Capital Territory and the 774 local government councils.

According to the statement, states receive 26.72 per cent of distributable Federation Account revenue under the applicable revenue-sharing formula.

On that basis, the Presidency calculated that a ₦9 trillion allocation to the states would require more than ₦33.68 trillion in total distributable revenue attributable to the purported NLNG dividend payout.

It said NLNG had never paid $25 billion in dividends into the Federation Account in a single declaration, describing the claim of a ₦250 billion entitlement for every state as inconsistent with the company’s dividend history.

The statement further said 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 Ahmed Tinubu assumed office.

The Presidency maintained that the alleged single payout would therefore be inconsistent with the company’s cumulative dividend payments over more than two decades.

Political dispute ahead of 2027 elections

The Presidency also criticised Makinde’s comments, accusing the governor of using misleading claims for political purposes as he pursues his presidential ambition.

It urged him to substantiate his allegations with verifiable evidence and called on Nigerians to disregard claims it described as unfounded.

The statement also referenced Makinde’s previous description of substantial revenue flows from the Federation Account to states, including Oyo, as “voodoo”, arguing that his public statements risk misleading citizens about the management of public finances.

Makinde is constitutionally entitled to pursue the presidency, the Presidency said, but should avoid what it characterised as disinformation in his campaign.

The dispute adds to the political tensions surrounding fiscal federalism, revenue allocation and the management of public funds as political activity builds ahead of the 2027 elections.

However, the Presidency’s response does not, by itself, establish whether any specific NLNG dividend payment is pending or whether the governor’s claim about the timing of a release is based on a separate government communication. The statement provided no independent documentary breakdown identifying the particular dividend payment referenced by Makinde.

A definitive resolution of the dispute would require clarification of the amount declared or received, the status of any distribution through the Federation Account Allocation Committee (FAAC), and the basis for the alleged ₦250 billion en