Presidency Dismisses Gov Makinde’s Claim That FG is Holding Back N250bn NLNG Dividend Due Each State
.Says the report is false and should be disregarded .Describes as basically illogical and lacking economic reality the claim that a supposed single payout exceeds company’s entire 25 years lifetime
The Presidency has refuted Governor Seyi Makinde of Oyo State's claim that the federal government is withholding N250 billion NLNG dividend payments due to each of Nigeria's 36 states. Makinde stated that the funds would not be released until after the 2027 elections, questioning whether elections hold more importance than the well-being of the Nigerian people.
Bayo Onanuga, presidential spokesperson, dismissed Makinde's claim as false and lacking economic reality. He explained the proper handling of the Federation Account and the distribution formula used by the Federation Account Allocation Committee (FAAC). According to him, even as a one-off payment, N250 billion to each state would amount to N9.0 trillion, excluding the Federal Government, the FCT, and 774 local councils.
The Presidency highlighted that NLNG has never paid $25 billion in dividends to the Federation Account at once, and the company has only paid approximately $21.5 billion in dividends to the Federation over the past 25 years. They emphasized that claiming a single payout exceeds the company's entire lifetime distribution to the Federation is illogical and defies economic reality.
The Presidency urged the public to disregard Makinde's misleading claims, stating that they only serve to mislead citizens and create unnecessary disaffection towards federal authorities.
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