Presidency Dismisses Makinde’s Claim of ₦250bn NLNG Dividends for Each State
The Presidency has dismissed Oyo State Governor Seyi Makinde’s claim that the Federal Government is withholding ₦250 billion in Nigeria LNG (NLNG) dividends meant for each state of the federation until after the 2027 general elections.
In a statement issued on Sunday, October 18, 2026, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, described Makinde’s claim as false, urging Nigerians to disregard what he called misleading information.
Makinde had made the allegation during the 2027 Budget Stakeholders’ Consultative Engagement held at the Olola Ogunlana Hall, International Conference Centre, University of Ibadan, on Friday.
The governor reportedly said the funds would have enabled his administration to implement projects aimed at expanding Oyo State’s economy but alleged that the Federal Government had postponed their release until after the 2027 elections.
Responding, Onanuga argued that the amount claimed by the governor did not align with the figures involved in the management and distribution of revenue through the Federation Account.
According to the Presidency, a one-off payment of ₦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.
The statement explained that, under the Federation Account Allocation Committee (FAAC) revenue-sharing formula, states receive 26.72 per cent of distributable Federation Account revenue.
It added that for the states’ share alone to reach ₦9 trillion, total NLNG dividends paid into the Federation Account would have to exceed ₦33.68 trillion, equivalent to approximately $25 billion, in a single declaration.
Onanuga maintained that NLNG had never paid $25 billion in dividends to the Federation Account in a single payout.
He 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 Ahmed Tinubu assumed office.
The presidential aide argued that the claim of a single dividend payout exceeding the company’s entire historical distribution to the Federation was inconsistent with the available figures.
The Presidency also criticised Makinde’s public statements, accusing him of making misleading claims since embarking on his presidential ambition.
Onanuga recalled that the governor had previously described the substantial financial allocations from the Federation Account to states, including Oyo, as “voodoo.”
He said Makinde was constitutionally entitled to pursue his presidential ambition but urged him to avoid what the Presidency described as falsehoods and disinformation in his political campaign.
The statement called on Nigerians to disregard the governor’s allegation, arguing that it could mislead citizens and create unnecessary distrust between the public and the Federal Government.
