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 Limited (NLNG) dividends for each state until after the 2027 general elections.
In a statement issued on October 18, 2026, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, described the claim as false, urging Nigerians to disregard what he called misleading information about the management and distribution of Federation Account revenues.
Makinde had made the allegation during the 2027 Budget Stakeholders’ Consultative Engagement at Olola Ogunlana Hall, International Conference Centre, University of Ibadan, on Friday. He claimed the funds would have enabled states to execute projects aimed at expanding their economies but had allegedly been withheld until after the elections.
The Presidency argued that 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.
According to Onanuga, under the Federation Account Allocation Committee (FAAC) revenue-sharing formula, states receive 26.72 per cent of distributable Federation Account revenue. He stated 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 about $25 billion, in a single declaration.
The statement further noted that NLNG had never paid $25 billion in dividends to the Federation Account in a single payout.
Onanuga said 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.
He argued that the figures contradicted the governor’s claim, adding that the Presidency expected Makinde to exercise greater restraint in his public statements.
The presidential aide also criticised the governor’s remarks about federal revenue allocations to states, recalling that Makinde had previously described the substantial financial flows from the Federation Account to states, including Oyo, as “voodoo.”
Onanuga maintained that while Makinde was entitled to pursue his presidential ambition, he should avoid making claims that the Presidency considers misleading.
He urged Nigerians to disregard the allegation, saying it could misinform the public and create unnecessary tension between citizens and the Federal Government.
Presidency Dismisses Makinde’s Claim of ₦250bn NLNG Dividends for Each State