From Premium Times Nigeria · Abubakar Abdulrasheed · · 2m
Presidency disputes Makinde’s N250 billion NLNG dividend claim
Presidency calls Makinde’s N250 billion NLNG dividend claim false.
In brief
Presidency calls Makinde’s N250 billion NLNG dividend claim false. Presidency says Oyo State Governor Makinde’s claim that federal government withheld N250 billion NLNG dividends per state is false. Originally reported by Premium Times Nigeria.
Presidency disputes Makinde’s claim
Presidency dismissed Oyo State Governor Seyi Makinde’s claim that federal government withheld N250 billion NLNG dividends per state as false.
Presidency’s financial argument
Special adviser Bayo Onanuga said N250 billion per state would total N9 trillion, exceeding NLNG’s historical payments of $21.5 billion.
NLNG dividend math
Under FAAC formula, states receive 26.72 per cent of distributable Federation Account revenue; N9 trillion requires N33.68 trillion in NLNG dividends.
Presidency’s claim
NLNG has never paid $25 billion in dividends to Federation Account in a single payout, so Makinde’s claim is false.
Makinde’s claim
Makinde alleged federal government spent NLNG dividends instead of distributing to states, saying each state should get more than N250 billion.
Makinde’s election concern
Makinde, presidential candidate for 2027 elections, claimed funds would be withheld until after election, questioning why political considerations should take precedence.
Presidency’s response
Presidency stated NLNG has paid approximately $21.5 billion to Federation over 25 years, with less than $3 billion since Tinubu took office.
Presidency’s logic
Any claim that single payout exceeds NLNG’s entire lifetime distribution to Federation defies economic reality, so Makinde’s claim is false.
Makinde’s statement
Makinde said NLNG paid dividends to federal government, which went straight into Federation Account, but funds were spent on state projects.
Presidency’s warning
Presidency urged public to disregard Makinde’s claim, saying it is inconsistent with revenue-sharing formula and NLNG dividend history.
Makinde’s project claim
Makinde stated Oyo State had identified projects to expand economy using funds that should have been received.
Presidency’s timeline
Presidency’s statement did not provide transaction-by-transaction reconciliation of specific NLNG dividend proceeds referenced by Makinde.
Makinde’s election context
Makinde is presidential candidate for 2027 elections, questioning why political considerations should take precedence over citizen needs.
Presidency’s conclusion
Presidency dismissed Makinde’s claim as false, urging public to disregard it and follow FAAC revenue-sharing formula.
What matters most
Presidency says Oyo State Governor Makinde’s claim that federal government withheld N250 billion NLNG dividends per state is false.
