Federal government says the alleged payout is inconsistent with the federation’s allocation formula and NLNG’s reported dividend history.
The Presidency has rejected Oyo State Governor Seyi Makinde’s assertion that the Federal Government is withholding ₦250 billion in Nigeria LNG dividend proceeds allegedly due to each of the 36 states.
Makinde made the claim at a budget stakeholders’ engagement in Ibadan, saying the expected funds had been earmarked for projects but would not be released until after the 2027 elections. He alleged that the Federal Government had already spent the money.
Responding in a statement, presidential spokesperson Bayo Onanuga described the claim as false and questioned its arithmetic. A payout of ₦250 billion to each state would total ₦9 trillion for the 36 states alone, he noted, excluding allocations to the Federal Government, the Federal Capital Territory and local councils.
Onanuga argued that, because states receive 26.72 per cent of distributable Federation Account revenue under the allocation formula he cited, the total dividend distribution needed to produce that sum would exceed ₦33.68 trillion.
The Presidency said NLNG had paid approximately $21.5 billion in dividends to the federation over 25 years and less than $3 billion since Tinubu took office. On that basis, it argued, the single payout described by Makinde was implausible.
The exchange is part of a broader political dispute over revenue sharing and public finances. Neither side’s position in the supplied account is accompanied by a complete, independently reconciled statement of NLNG dividends and Federation Account distributions.
Publication of the relevant payment records and allocation schedules would allow citizens to assess the competing claims against documentary evidence rather than political assertions.
