ABUJA — 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 allocated to each state pending the conclusion of the 2027 general elections.
The Presidency described the governor’s allegation as false, arguing that the figures cited were inconsistent with the historical dividend payments made by NLNG to the Federation.
The position was contained in a statement issued on Sunday, October 18, 2026, by Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy.
Makinde had reportedly made the allegation during the 2027 Budget Stakeholders’ Consultative Engagement held on Friday at Olola Ogunlana Hall, International Conference Centre, University of Ibadan.
At the event, the governor expressed concern that the funds, which he said would have supported projects to expand Oyo State’s economy, 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 challenged the claim, citing the revenue-sharing formula under the Federation Account Allocation Committee (FAAC) and the historical record of NLNG dividend payments.
According to Onanuga, distributing ₦250 billion to each of Nigeria’s 36 states would amount to ₦9 trillion, excluding allocations to the Federal Government, the Federal Capital Territory and the 774 local government areas.
He explained that, under the FAAC revenue-sharing formula, states receive 26.72 per cent of distributable Federation Account revenue.
On that basis, the statement argued that total NLNG dividends paid into the Federation Account would have to exceed ₦33.68 trillion, or approximately $25 billion, for the states’ share alone to reach ₦9 trillion.
“NLNG has never paid $25 billion in dividends to the Federation Account in a single payout,” Onanuga stated.
Presidency cites historical NLNG dividend payments
The presidential spokesman 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 reportedly realised since Tinubu assumed office.
He argued that the figures contradicted the suggestion that a single dividend payout exceeding the company’s entire historical distribution to the Federation was being withheld.
The Presidency consequently urged Nigerians to disregard Makinde’s allegation, maintaining that it could mislead the public and create unnecessary tension between citizens and the Federal Government.
Onanuga accuses Makinde of politicising the issue
The statement also criticised the Oyo governor over his public comments on federal revenue and economic issues.
Onanuga accused Makinde of making misleading claims since embarking on his presidential ambition, urging him to support his assertions with verifiable facts.
He also recalled the governor’s previous description of the substantial financial allocations flowing from the Federation Account to states, including Oyo, as “voodoo.”
The presidential spokesman maintained that Makinde was entitled to pursue his presidential ambition but urged him to avoid what the Presidency described as falsehoods and disinformation in political discourse.
The statement concluded by calling on the public to disregard the governor’s allegations concerning the purported ₦250 billion NLNG dividend allocation to each state.
The exchange has brought renewed attention to questions surrounding Federation Account revenue, NLNG dividend payments and the distribution of public funds among Nigeria’s three tiers of government.
