MAKINDE'S #250BN NLNG CLAIM FALSE - PRESIDENCY

The Presidency has refuted a claim by the Oyo State Governor and presidential candidate of the Allied People’s Movement in the 2027 general election, Seyi Makinde, in which the latter alleged that the Federal Government was withholding ₦250 billion per state dividend from Nigeria LNG.

In a State House statement issued on Sunday, Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, described the governor’s claim as false and said “it should be disregarded.”

Onanuga had quoted Makinde when he spoke at the 2027 Budget Stakeholders’ Consultative Engagement held at the Olola Ogunlana Hall, International Conference Centre, University of Ibadan, on Friday.

He noted that Makinde claimed the funds would not be released until after the 2027 elections.

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Onanuga stated that, according to Makinde, “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 read partly, “The Presidency wishes to clarify Governor Seyi Makinde’s claim that the Federal Government is withholding ₦250 billion in NLNG dividends for each state of the Federation.

“At the 2027 Budget Stakeholders’ Consultative Engagement held at the Olola Ogunlana Hall, International Conference Centre, University of Ibadan, on Friday, Makinde claimed the funds would not be released until after the 2027 elections. He further claimed that the Federal Government had spent 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 governor was quoted.

Make PUNCH part of your everyday experience. Add us to your Preferred Sources However, the statement said that “Makinde’s latest claim that the Federal Government is withholding the NLNG dividend windfall is false and should be disregarded.”

According to the statement, if each state of the Federation receives ₦250bn as a “one-off distribution,” that would amount to ₦9 trillion, excluding the Federal Government, the Federal Capital Territory and the 774 local councils nationwide.

Using the sharing formula of the Federation Account Allocation Committee as a standard, states receive 26.72% of the distributable Federation Account revenue.

Hence, it is argued that the 36 states would only receive the purported ₦250bn provided the total NLNG dividends paid into the Federation Account (in a single declaration) exceed ₦33.68 trillion (about $25 billion).

However, the Presidency cautioned that the NLNG has never paid $25bn in dividends to the Federation Account in a single payout.

“Here are the facts the public should know about how the Federation Account is managed and how money is shared among the three tiers of government.