Presidency denies withholding ₦250bn NLNG dividends from states

The Presidency has dismissed claims by Oyo State Governor Seyi Makinde that the Federal Government is withholding ₦250 billion in Nigeria LNG Limited dividends for each state until after the 2027 general elections. Bayo Onanuga, Special Adviser to the President on Information and Strategy, described the claim as false, stating that the amount cited is inconsistent with historical dividend payments made by NLNG to the Federation Account. In a statement issued on Sunday, Onanuga noted that distributing ₦250 billion to each of the 36 states would amount to ₦9 trillion, excluding the Federal Government, the Federal Capital Territory and the 774 local government areas. He explained that under the Federation Account Allocation Committee revenue-sharing formula, states receive 26.72 per cent of distributable revenue from the Federation Account.

Read More