***Disputes N250bn NLNG dividend allegation

***Says governor’s claim of funds withheld until after 2027 polls contradicts FAAC formula, NLNG dividend history

The Presidency has accused Oyo State Governor Seyi Makinde of misleading the public over federal revenue allocations, recalling his description of increased Federation Account inflows to states as “voodoo” while dismissing his claim that the Federal Government is withholding N250 billion in Nigeria LNG Limited (NLNG) dividends for each state until after the 2027 elections.

The Special Adviser to the President on Information and Strategy, Bayo Onanuga, said Makinde’s latest allegation was inconsistent with the Federation Account Allocation Committee (FAAC) revenue-sharing formula and NLNG’s historical dividend payments.

In a statement on Sunday, Onanuga said the governor made the allegation at the 2027 Budget Stakeholders’ Consultative Engagement held at the Olola Ogunlana Hall, International Conference Centre, University of Ibadan on Friday.

Makinde had reportedly alleged that the Federal Government was delaying the release of the funds until after the elections, claiming that the money had already been spent.

“Each state was supposed to get N250 billion. We had already identified projects that would expand the Oyo State 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?” the governor was quoted as saying.

But the Presidency dismissed the claim, arguing that the figures did not add up under the established revenue-sharing framework.

Onanuga said a one-off payment of N250 billion to each of the 36 states would amount to N9 trillion, excluding the Federal Government, the Federal Capital Territory and the 774 local government areas.

He explained that states receive 26.72 per cent of distributable Federation Account revenue under the FAAC formula. For their combined share to reach N9 trillion, he said, total NLNG dividends paid into the Federation Account would have to exceed N33.68 trillion, equivalent to about $25 billion, in a single declaration.

“NLNG has never paid $25 billion in dividends to the Federation Account in a single payout,” he said.

The presidential spokesman added that 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 Tinubu assumed office.

He argued that the figures undermined Makinde’s allegation that a dividend windfall of the magnitude claimed was being withheld by the Federal Government.

The Presidency also accused the governor of resorting to misleading statements for political advantage as he pursues his presidential ambition.

Onanuga recalled Makinde’s earlier description of the substantial inflow of Federation Account revenue to states, including Oyo, as “voodoo”, using the remark to question the governor’s handling of public commentary on federal allocations.

While acknowledging Makinde’s constitutional right to contest for the presidency, the presidential spokesman urged him to substantiate his claims with verifiable facts rather than make allegations he described as false and misleading.

He urged Nigerians to disregard the governor’s claims, arguing that they could misinform the public and fuel unnecessary disaffection against the Federal Government.