.FG says report is fake and must be disregarded
.Describes as principally illogical and missing financial actuality the declare {that a} supposed single payout exceeds firm’s whole 25 years lifetime distribution to govt purse
.Makinde stands by his declare, says presidency’s response facet stepped central difficulty
.Wants breakdown of how the $3bn NLNG income gotten underneath Tinubu’s govt was shared
.Says findings present a N9trn shortfall resulting from states and native governments which federal govt acknowledged
Deji Elumoye in Abuja and Kemi Olaitan in Ibadan
The Presidency and Governor Seyi Makinde of Oyo State on Sunday disagree over the reported withholding of NLNG dividends of N250 billion resulting from every state by the federal authorities.
While the Presidency punctured the declare by Oyo governor as being false and must be disregarded, Makinde in one other response saud he stood by his claims whereas asking for a breakdown of how $3 billion that accrued underneath the Tinubu’s authorities had been shared among the many three tiers of authorities.
The Presidency had submitted that report that the federal authorities was withholding N250 billion dividends accruing to every of the 36 states from the Nigerian Liquified and Natural Gas (NLNG) was false and must 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 mentioned.
Reacting to the declare, The Presidency in a launch issued by presidential spokesperson, Bayo Onanuga acknowledged that
Makinde’s newest declare that the Federal Government is withholding the NLNG dividend windfall is fake and must be disregarded.
He defined how the Federation Account is managed and the way cash is shared among the many three tiers of authorities.
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 over the past 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 whole lifetime distribution to the Federation—and is being withheld—defies fundamental logic and financial actuality.
“We anticipate 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 relatively 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 stream 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 mentioned.
In a swift response on Sunday, Governor Makinde mentioned he stood by his submission saying Presidency’s response facet stepped the central difficulty at hand.
In a launch issued by his Special Adviser on Media, Dr Sulaimon Olanrewaju, Oyo State Governor referred to as for a breakdown of the $3 billion acquired underneath Tinubu’s authorities had been shared among the many three tiers of authorities.
Makinde added that earlier findings by a guide had confirmed N9 trillion to states and native governments saying the federal authorities accepted the findings.
Oyo state governor within the launch issued by his media adviser, Dr Sulaimon Olanrewaju, entitled “NLNG Dividends: Governor Makinde stands by his claim”, acknowledged, inter alia: “We have read the Presidency’s response to Governor Seyi Makinde’s statement on the Federal Government’s withholding of NLNG dividends due to states and local governments.
“The response sidestepped the central issue: the Nigeria Governors’ Forum (NGF), with the Federal Government’s support, engaged a consultant to reconcile NLNG dividend payments. The exercise identified a shortfall of about ₦9 trillion due to states and local governments. The Federal Government accepted the findings.
“The report remains in the custody of both the Federal Government and the NGF. We trust the Presidency will not deny its existence.
“Governor Makinde is the NGF’s incumbent Vice-Chairman.
“The Presidency stated that NLNG had paid $21.5 billion in dividends into the Federation Account since inception, including $3 billion received under the current administration. But it did not explain how these funds were disbursed.
“Have states and local governments received their shares? How much did they receive, and how were those amounts calculated? What happened to the $3 billion received under this administration?
“Governor Makinde conducts public discourse with decorum and does not make unfounded claims or quote figures without a basis.
“We remain ready to provide further clarification while we urge the presidency to address the substance of the matter.”
