The Presidency has described as false, the claim by the governor of Oyo State, Seyi Makinde, that the federal government has withheld NLNG dividend windfall.
The denial was made on Sunday in a statement by the Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga.
He said the claim by the governor should be disregarded.
Stating that there was need for some clarifications to correct the wrong impression created by Makinde, Onanuga stated in a statement he issued.
The statement reads in part:
“Here are the facts the public should know about how the Federation Account is managed and how money is shared among the three tiers of government. Even as a one-off distribution, ₦250 billion to each of the 36 states amounts to ₦9.0 trillion, excluding the Federal Government, the FCT, and the 774 local councils.
“Under the Federation Account Allocation Committee (FAAC) formula, states receive 26.72% of the distributable Federation Account revenue. For the states’ share alone to reach ₦9 trillion, total NLNG dividends paid into the Federation Account would have to exceed ₦33.68 trillion (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 reads further:
“NLNG and Historical Dividend Context:
“NLNG has paid approximately $21.5 billion in dividends to the Federation over the last 25 years, with less than $3 billion realised since President Bola Ahmed Tinubu assumed office.
“Therefore, any claim that a single payout exceeds the company’s entire lifetime distribution to the Federation—and is being withheld—defies basic logic and economic reality.”
He said the Presidency expected Governor Makinde to be more measured in his public conduct and utterances.
According to him, since he embarked on his presidential bid, he has chosen to play politics by making misleading claims rather than presenting verifiable facts.
The presidential spokesman said Makinde had indeed turned false, unguarded statements and claims into an art form.
“He once described the huge financial flow from the federation account to states, including Oyo, as ‘voodoo’.
“Under Nigerian law, Governor Makinde is free to pursue his presidential ambition. He should desist from making falsehoods and disinformation the hallmarks of his campaign.
“We urge the public to disregard these unfounded claims, which serve only to mislead citizens and stoke needless disaffection against the Federal authorities,” the Presidency said.
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