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Governor Seyi Makinde

The Presidency has dismissed Oyo State Governor Seyi Makinde’s claim that the Federal Government is withholding ₦250 billion in Nigeria LNG Limited (NLNG) dividends for each state until after the 2027 general elections, describing the allegation as false.

The clarification followed Makinde’s remarks at the 2027 Budget Stakeholders’ Consultative Engagement held at Olola Ogunlana Hall, International Conference Centre, University of Ibadan, on Friday.

The governor had alleged that the funds were due to the states but would not be released until after the elections, claiming that Oyo State had already identified projects intended to expand its economy.

“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.

READ ALSO: Tinubu, Sanwo-Olu, CIOTA Seek Integrated Transport System to Drive $1tn Economy

Responding, the Presidency argued that the figures cited by the governor were inconsistent with the established revenue-sharing framework and the historical dividends paid by NLNG to the Federation Account.

It explained that distributing ₦250 billion to each of Nigeria’s 36 states would amount to ₦9 trillion in a single payout, excluding the Federal Government, the Federal Capital Territory and the 774 local government areas.

According to the Presidency, states receive 26.72 per cent of distributable Federation Account revenue under the allocation formula cited in its statement.

It argued that for the states’ share alone to reach ₦9 trillion, total NLNG dividends paid into the Federation Account would have to exceed ₦33.68 trillion, equivalent to approximately $25 billion, in a single declaration.

The Presidency maintained that NLNG had never paid such an amount in a single dividend distribution.

It further stated 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 government consequently rejected the allegation that a single NLNG dividend payout of the magnitude claimed by Makinde was being withheld.

The dispute highlights the importance of transparent public financial information and the role of digital communication in disseminating government revenue figures to citizens.

Online platforms enable government officials to publish financial explanations and allow the public to scrutinise competing political claims. However, verifying such information against official records remains essential to informed public debate.

The Presidency also criticised Makinde’s comments, urging him to exercise restraint in his public statements and avoid spreading what it described as misinformation as he pursues his presidential ambition.

It called on Nigerians to disregard the allegation, insisting that the claim could mislead citizens and create unnecessary tension between the Federal Government and state authorities.

However, the Presidency’s figures and explanation represent its position in the dispute. Independent verification of the underlying NLNG dividend records and the specific revenue distribution arrangements would help establish the full financial picture.

The disagreement comes as political parties and public officials begin positioning themselves ahead of the 2027 general elections, with revenue allocation and fiscal transparency likely to remain important issues in national debate.

The Traffic NG
Governor Seyi Makinde
Amarachi Ihesiulo

Ihesiulo Grace Amarachi is a Nigerian journalist, writer and media professional serving as the Editor-in-Chief of TheTraffic.NG, a digital news platform covering national and international affairs. Her editorial interests span politics, business, aviation, health, technology, entertainment, sports and social development. She is committed to credible journalism, insightful reporting and compelling storytelling that informs public discourse and keeps readers abreast of important developments in Nigeria, Africa and beyond.

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