Presidency Disputes Makinde’s Claim On N250bn NLNG Dividends For Each State

The Presidency has rejected Oyo State Governor Seyi Makinde’s claim that the Federal Government is withholding N250 billion in Nigeria LNG Limited (NLNG) dividends meant for each state of the federation until after the 2027 general elections.

The Presidency described the claim as false, arguing that the figures cited by the governor do not align with the historical dividend payments made by NLNG to the Federation Account.

In a statement issued on Sunday, October 18, 2026, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, said the public should disregard Makinde’s allegation.

Makinde had made the claim during the 2027 Budget Stakeholders’ Consultative Engagement held at the Olola Ogunlana Hall, International Conference Centre, University of Ibadan, on Friday.

The governor said his administration had identified projects that could expand Oyo State’s economy but expressed concern that the money would not be released until after the 2027 elections.

“Each state was supposed to get N250 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,” Makinde said.

Responding, Onanuga argued that distributing N250 billion to each of Nigeria’s 36 states would amount to N9 trillion, excluding allocations to the Federal Government, the Federal Capital Territory and the 774 local government areas.

He explained that under the Federation Account Allocation Committee (FAAC) revenue-sharing formula, states receive 26.72 per cent of distributable Federation Account revenue.

According to him, for the states’ share alone to reach N9 trillion, total NLNG dividends paid into the Federation Account would have to exceed N33.68 trillion, equivalent to about $25 billion, in a single declaration.

The presidential aide maintained that NLNG had never paid such an amount in a single dividend payout to the Federation Account.

Onanuga further stated that NLNG had paid approximately $21.5 billion in dividends to the federation over the past 25 years, with less than $3 billion realised since President Bola Tinubu assumed office.

He argued that the figures contradicted the allegation that a single dividend payout of the magnitude claimed by Makinde was being withheld by the Federal Government.

The Presidency also criticised the governor’s public statements on federal revenue allocations, urging him to provide verifiable information in his comments on the management of public funds.

Onanuga said Makinde was constitutionally free to pursue his presidential ambition but should avoid making claims that could mislead the public.

He urged Nigerians to disregard the allegation, insisting that it could create unnecessary tension between citizens and the Federal Government.