Presidency Disputes NLNG Dividend Withholding Claims

The Nigerian Presidency has refuted allegations that it is withholding ₦250 billion in dividends from states from Nigeria LNG Limited (NLNG). The claim was made by Oyo State Governor Seyi Makinde, who asserted that the Federal Government is holding back the funds until after the 2027 general elections.

Bayo Onanuga, the Special Adviser to the President on Information and Strategy, labeled Makinde’s claim as false.

Onanuga further noted that distributing ₦250 billion to each of Nigeria’s 36 states would total ₦9 trillion, excluding the Federal Government, the Federal Capital Territory, and the 774 local government areas. He emphasized that states receive 26.72 per cent of distributable revenue from the Federation Account under the FAAC revenue-sharing formula.