Presidency calls claims of ₦9 trillion NLNG dividend windfall "false" following Makinde's remarks at budget forum
The Nigerian Presidency rejected Oyo State Governor Seyi Makinde's assertion that the federal government is withholding NLNG dividends ahead of the 2027 elections, citing the allocation formula and past dividend records as proof that the financial figures are inconsistent with reality.
During a budget engagement at the University of Ibadan, Governor Makinde argued that the federal government had spent or would not release NLNG dividend funds intended for states until after the 2027 elections. In response, the Presidency issued a statement clarifying that the governor's characterization of the financial windfall and its release schedule is incorrect.
The Presidency's rebuttal noted that under the current formula, states receive 26.72% of the distributable revenue, which makes the total payout claimed by Makinde mathematically inconsistent with the company's historical dividend records of approximately $21.5 billion over 25 years.
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Original reporting and primary evidence.
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Governor Makinde claimed at the 2027 Budget Stakeholders’ Consultative Engagement that the federal government is withholding funds or that they will only be released after the 2027 elections.
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The Presidency stated that Governor Makinde's claim that the federal government is withholding the NLNG dividend windfall is false and should be disregarded.
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The Presidency said that states receive 26.72% of the distributable Federation Account revenue.
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The Presidency noted that NLNG has paid approximately $21.5 billion in dividends to the Federation over the last 25 years.
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