The Presidency has dismissed Oyo State Governor Seyi Makinde’s claim that the Federal Government is withholding ₦250 billion in Nigeria LNG (NLNG) dividends for each state until after the 2027 elections, describing the allegation as false.

Makinde made the claim at the 2027 Budget Stakeholders’ Consultative Engagement in Ibadan on Friday, alleging that states had been told to wait until after the elections to receive the funds, despite having identified projects for economic expansion.

In a statement on Sunday, Bayo Onanuga, Special Adviser to the President on Information and Strategy, argued that the figures were inconsistent with NLNG’s historical dividend payments and the Federation Account revenue-sharing formula.

According to Onanuga, paying ₦250 billion to each of the 36 states would amount to ₦9 trillion. Given that states receive 26.72 per cent of distributable Federation Account revenue, he said, NLNG would have needed to pay more than ₦33.68 trillion, or approximately $25 billion, in a single dividend declaration to generate that amount for the states.

The Presidency 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 President Bola Ahmed Tinubu assumed office.

Onanuga criticised Makinde’s remarks, accusing him of making misleading claims for political purposes, while acknowledging his right to pursue the presidency. He urged the governor to support his public statements with verifiable facts.

The Presidency called on Nigerians to disregard the allegation, warning that it could mislead citizens and create unnecessary tension between the public and the Federal Government.