The Allied Peoples Movement's presidential campaign organisation has rejected the Presidency's denial of claims that the Federal Government is withholding N250bn in Nigeria Liquefied Natural Gas dividends allocated to states. The campaign group's Director of Strategic Communications, Richard Nnanna Ihediwa, called on the Tinubu administration to release financial records to settle the dispute.
The controversy centres on allegations by Oyo State Governor Seyi Makinde that the Federal Government is holding back NLNG dividend payments scheduled for the 36 states and would not release them until after the 2027 general elections. Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, called the claim false in a statement issued on Sunday.
The Presidency argued that distributing N250bn to each of the 36 states would total N9tn, excluding funds for the Federal Government, the Federal Capital Territory and local government areas. It stated that based on the Federation Account Allocation Committee's revenue-sharing formula, states receive 26.72 per cent of distributable revenue. For states to each receive N250bn, NLNG would need to declare dividends exceeding N33.68tn, equivalent to roughly $25bn, in a single payment, the Presidency said.
The Makinde campaign organisation rejected this reasoning, arguing that historical dividend totals do not answer whether a specific payment was proposed, approved, received, delayed or withheld. It demanded the Presidency publish NLNG dividend receipts, Federation Account Allocation Committee decisions and official communications showing amounts received, approved for distribution and payment timing.
For savers and investors, the dispute reflects uncertainty over state government finances and how oil revenues are allocated across Nigeria's federal system.
The campaign group said the key questions are how much NLNG paid in dividends during the period in question, what amount was credited to the Federation Account, and how much was approved for distribution to states.