Presidency Faults Makinde Over Claim of ₦250bn NLNG Dividends for Each State
The Presidency has faulted Oyo State Governor Seyi Makinde over his claim that the Federal Government is withholding ₦250 billion in Nigeria LNG (NLNG) dividends for each state of the federation until after the 2027 general elections.
In a statement issued on Sunday, October 18, 2026, Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, described the governor’s claim as false.
Makinde had reportedly made the claim at the 2027 Budget Stakeholders’ Consultative Engagement held at Olola Ogunlana Hall, International Conference Centre, University of Ibadan, on Friday.
The governor said the funds would have enabled his administration to execute projects aimed at expanding Oyo State’s economy but alleged that the money would not be released until after the 2027 elections.
“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?” Makinde was quoted as saying.
However, the Presidency argued that the figures cited by the governor were inconsistent with the Federation Account revenue-sharing arrangement.
According to Onanuga, distributing ₦250 billion to each of Nigeria’s 36 states would amount to ₦9 trillion, excluding the Federal Government, the Federal Capital Territory and the 774 local government councils.
He said states receive 26.72 per cent of distributable revenue from the Federation Account under the Federation Account Allocation Committee (FAAC) revenue-sharing formula.
Onanuga argued that for the states to receive a combined ₦9 trillion from the proposed distribution, total NLNG dividends paid into the Federation Account would have to exceed ₦33.68 trillion, which he estimated at about $25 billion, in a single declaration.
“NLNG has never paid $25 billion in dividends to the Federation Account in a single payout,” the statement said.
The Presidency also cited what it described as the historical record of NLNG dividend payments, claiming that the company had paid approximately $21.5 billion in dividends to the Federation over the past 25 years.
It added that less than $3 billion had been realised since Tinubu assumed office.
Onanuga argued that the figures contradicted the suggestion that a single dividend payment of $25 billion was being withheld from the states.
The presidential spokesman also criticised Makinde’s public statements, accusing him of making misleading claims since embarking on his presidential ambition.
He referred to an earlier occasion when the governor reportedly described the financial allocations flowing from the Federation Account to states, including Oyo, as “voodoo”.
The Presidency urged Nigerians to disregard Makinde’s claim, describing it as unfounded and capable of creating unnecessary distrust between citizens and the Federal Government.
As of the date of the statement, the Presidency’s response did not include supporting financial documents detailing the specific NLNG dividend transaction in dispute.
