Presidency Dismisses Makinde’s NLNG Dividend Claim

The Presidency has rejected claims by Oyo State Governor Seyi Makinde that the federal government is withholding N250 billion in NLNG dividends for each state. The administration described the assertion as false and urged it to be disregarded.

According to the Presidency, a one-time distribution of N250 billion to each of the 36 states would total N9 trillion, excluding the federal government, FCT, and local councils. They emphasized that NLNG has never made a single payout of $25 billion in dividends to the Federation Account.

The Special Adviser to the President, Bayo Onanuga, stated that any claim suggesting a single payout exceeded the company’s total lifetime distribution to the federation defies logic and economic reality. Governor Makinde’s campaign organization, however, dismissed the denial, accusing the President of running a voodoo economy.