Mirian Gom 
ABUJA, Nigeria – The Presidency has rejected 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.
Presidential spokesman Bayo Onanuga described the allegation as false in a statement issued on Sunday, arguing that the claimed payout far exceeds NLNG’s reported historical dividend distributions to the Federation.
Makinde raised the issue on Friday at the 2027 Budget Stakeholders’ Consultative Engagement at the International Conference Centre, University of Ibadan.
The governor alleged that each state had been expecting ₦250 billion but was told the money would not be released until after the 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. Is the election more important than the people of Nigeria?” Makinde said.
Onanuga countered that paying ₦250 billion to each of Nigeria’s 36 states would amount to ₦9 trillion, excluding the Federal Government, the Federal Capital Territory (FCT) and 774 local government areas.
He said states receive 26.72 per cent of distributable Federation Account revenue under the Federation Account Allocation Committee (FAAC) formula.
According to the presidential spokesman, generating ₦9 trillion for the states alone would require total NLNG dividends exceeding ₦33.68 trillion, which he estimated at about $25 billion in a single payout.
“NLNG has never paid $25 billion in dividends to the Federation Account in a single payout,” Onanuga said. He added that NLNG had paid approximately $21.5 billion in dividends to the Federation over 25 years, with less than $3 billion received since President Bola Tinubu assumed office.
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Oluwatobi Adu 