.Says the report is false and ought to be disregarded
.Describes as principally illogical and missing financial actuality the declare {that a} supposed single payout exceeds firm’s total 25 years lifetime distribution to govt purse
Deji Elumoye in Abuja
The Presidency on Sunday punctured claims by Governor Seyi Makinde of Oyo State that the federal authorities was withholding N250 billion dividends accruing to every of the 36 states from the Nigerian Liquified and Natural Gas (NLNG) saying the declare was false and ought to be disregarded forthwith.
Makinde had on Friday on the 2027 Budget Stakeholders’ Consultative Engagement held on the Olola Ogunlana Hall, International Conference Centre, University of Ibadan claimed the funds wouldn’t be launched till after the 2027 elections including that the Federal Government had spent the cash.
“Each state was supposed to get ₦250 billion. We had already identified projects that would expand Oyo State’s economy. But they have now said the money will not be paid until after the election. Is the election more important than the people of Nigeria?” the governor stated.
Reacting to the declare, The Presidency in a launch issued by presidential spokesperson, Bayo Onanuga said that
Makinde’s newest declare that the Federal Government is withholding the NLNG dividend windfall is false and ought to be disregarded.
He defined how the Federation Account is managed and the way cash is shared among the many three tiers of presidency.
According to him: “Even as a one-off distribution, ₦250 billion to every of the 36 states quantities to ₦9.0 trillion, excluding the Federal Government, the FCT, and the 774 native 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.”
The Presidency added that NLNG has by no means paid $25 billion in dividends to the Federation Account in a single payout.
It additional delved into NLNG and its Historical Dividend Context saying
NLNG has paid roughly $21.5 billion in dividends to the Federation during the last 25 years, with lower than $3 billion realised since President Bola Tinubu assumed workplace.
The Presidency additionally posited that any declare {that a} single payout exceeds the corporate’s total lifetime distribution to the Federation—and is being withheld—defies fundamental logic and financial actuality.
“We count on Governor Makinde to be extra measured in his public conduct and utterances. Since he launched into his presidential bid, he has chosen to play politics by making deceptive claims moderately than presenting verifiable info. Indeed, he has turned false, unguarded statements and claims into an artwork type.
“He as soon as described the large monetary circulation from the federation account to states, together with Oyo, as ‘voodoo’.
“Under Nigerian regulation, Governor Makinde is free to pursue his presidential ambition. He ought to desist from making falsehoods and disinformation the hallmarks of his marketing 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 additional stated.
