Presidency Dismisses Makinde’s Claim of ₦250bn NLNG Dividend for Each State
…Says states would require ₦9trn collectively, insists alleged withholding is false
The Presidency has dismissed claims by Oyo State Governor Seyi Makinde that the Federal Government is withholding ₦250 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, urging Nigerians to disregard what it called misleading information about the management and distribution of Federation Account revenues.
Makinde 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 had alleged that the funds would not be released until after the elections, adding that Oyo State had already identified projects that could boost its economy with the expected allocation.
Responding in a statement on Sunday, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, argued that the figures cited by Makinde were inconsistent with the established revenue-sharing framework and NLNG’s dividend history.
According to the Presidency, 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 areas.
Onanuga explained that under the Federation Account Allocation Committee (FAAC) revenue-sharing formula, states receive 26.72 per cent of distributable Federation Account revenue.
He said the states’ share alone could reach ₦9 trillion only if total NLNG dividends paid into the Federation Account exceeded ₦33.68 trillion, equivalent to approximately $25 billion, in a single declaration.
The presidential spokesman maintained that NLNG had never paid such an amount in a single dividend payout.
Providing historical context, Onanuga 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 suggestion that a single payout exceeded the company’s entire historical dividend distribution to the Federation was inconsistent with available figures.
The Presidency also criticised Makinde’s public statements on federal revenue allocations, accusing the governor of making misleading claims for political purposes since embarking on his presidential ambition.
Onanuga recalled that the governor had previously described substantial financial allocations from the Federation Account to states, including Oyo, as “voodoo.”
While acknowledging Makinde’s constitutional right to pursue his presidential ambition, the presidential spokesman urged him to refrain from making claims that the Presidency considers inaccurate.
The statement called on Nigerians to disregard what it described as unfounded allegations, arguing that they could mislead citizens and create unnecessary tension between the public and the Federal Government.
The statement was signed by Bayo Onanuga, Special Adviser to the President on Information and Strategy, and dated October 18, 2026.
