By BONIFACE AKARAH

The Presidency has rejected Oyo State Governor Seyi Makinde’s claim that the Federal Government is withholding N250 billion in Nigeria LNG (NLNG) dividends for each state until after the 2027 general elections, describing the allegation as false.

In a statement issued on Sunday, October 18, 2026, President Bola Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, said the claim was inconsistent with the scale of NLNG’s dividend payments and the revenue-sharing formula among the three tiers of government.

Makinde had raised the issue at the 2027 Budget Stakeholders’ Consultative Engagement held at the Olola Ogunlana Hall, International Conference Centre, University of Ibadan, on Friday.

“Each state was supposed to get N250 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 as saying.

However, the Presidency argued that distributing N250 billion to each of Nigeria’s 36 states would amount to N9 trillion, excluding the Federal Government, the Federal Capital Territory and the 774 local government councils.

It said states receive 26.72 per cent of distributable revenue from the Federation Account under the Federation Account Allocation Committee (FAAC) formula. According to Onanuga, for the states’ share alone to reach N9 trillion, total NLNG dividends paid into the Federation Account would have to exceed N33.68 trillion, or about $25 billion, in a single declaration.

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

The Presidency further 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 Tinubu assumed office.

It argued that the alleged withheld payment would exceed the company’s entire historical dividend distribution to the Federation, describing such a claim as inconsistent with economic reality.

Onanuga also criticised Makinde’s public statements, urging him to exercise greater restraint in his comments.

“We expect Governor Makinde to be more measured in his public conduct and utterances,” he said, accusing the governor of making misleading claims rather than presenting verifiable facts since embarking on his presidential ambition.

The presidential aide also recalled Makinde’s previous description of the financial allocations flowing from the Federation Account to states, including Oyo, as “voodoo.”

He maintained that the governor was entitled to pursue his presidential ambition but should not, in the Presidency’s view, rely on what it described as falsehoods and disinformation during his campaign.

The statement urged Nigerians to disregard Makinde’s claim, arguing that it could mislead citizens and create unnecessary tension between the public and the Federal Government.