The Presidency has dismissed Oyo State Governor, Dr Seyi Makinde’s claim that the Federal Government is withholding ₦250 billion in Nigeria LNG (NLNG) dividends for each state pending the conclusion of the 2027 elections.

The Presidency described the claim as false, arguing that the figures cited by the governor were inconsistent with NLNG’s historical dividend payments and the revenue-sharing formula under the Federation Account Allocation Committee (FAAC).

In a statement issued on Sunday and obtained via X, the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, said the public should disregard the allegation.

Onanuga said Makinde had made the claim 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 Federal Government had postponed the release of the funds until after the 2027 elections, despite states having identified projects to be financed with the money.

“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?” the statement quoted Makinde.

However, Onanuga argued that distributing ₦250 billion to each of Nigeria’s 36 states would amount to ₦9 trillion, excluding the Federal Government, the Federal Capital Territory and the 774 local government areas.

He explained that, under the FAAC revenue-sharing formula, states receive 26.72 per cent of distributable revenue from the Federation Account.

According to him, for the states’ collective share to reach ₦9 trillion, the total NLNG dividends paid into the Federation Account would have to exceed ₦33.68 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,” the presidential aide said.

Providing a historical context, Onanuga stated 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 claim of a single dividend payout exceeding the company’s total historical distribution to the Federation raised questions about the basis of the allegation.

Onanuga also criticised Makinde’s public comments, accusing him of making misleading claims since embarking on his presidential ambition.

Onanuga recalled that the governor had previously described the substantial financial allocations from the Federation Account to states, including Oyo, as “voodoo”.

He maintained that Makinde was entitled to pursue his presidential ambition but urged him to ensure that his public statements were supported by verifiable facts.

“Under Nigerian law, Governor Makinde is free to pursue his presidential ambition. He should desist from making falsehoods and disinformation the hallmarks of his campaign,” the statement said.

The Presidency urged Nigerians to disregard what it described as unfounded claims, arguing that they could mislead citizens and create unnecessary tension between the public and the Federal Government.