Makinde’s ₦250bn NLNG Claim False — Presidency

The Presidency has dismissed Oyo State Governor Seyi Makinde’s claim that the Federal Government is withholding ₦250 billion in Nigeria Liquefied Natural Gas (NLNG) dividends for each state until after the 2027 general elections.

The President’s Special Adviser on Information and Strategy, Bayo Onanuga, described the allegation as false in a statement issued on Sunday, October 18, 2026, urging Nigerians to disregard it.

Makinde had raised the issue on Friday during the 2027 Budget Stakeholders’ Consultative Engagement in Ibadan, where he alleged that the Federal Government had delayed the release of funds expected by states despite their plans to invest the money in development projects.

The governor said Oyo State had already identified projects intended to expand its economy but claimed the funds would not be released until after the elections.

However, Onanuga argued that the amount cited by Makinde was inconsistent with the revenue-sharing formula and NLNG’s historical dividend payments.

According to the presidential spokesman, allocating ₦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 explained that states receive 26.72 per cent of distributable Federation Account revenue under the Federation Account Allocation Committee (FAAC) sharing formula.

Onanuga said generating ₦9 trillion for the states from a single NLNG dividend distribution would require total dividends exceeding ₦33.68 trillion, equivalent to about $25 billion.

He added that NLNG had never made a single dividend payment of that magnitude to the Federation Account.

The presidential aide further stated that NLNG had paid approximately $21.5 billion in dividends to the federation over 25 years, with less than $3 billion realised since President Bola Tinubu assumed office.

Onanuga therefore rejected Makinde’s allegation that the Federal Government was withholding a dividend windfall of the amount claimed.

Makinde, however, maintained that the delay in releasing the funds was affecting states’ development planning and infrastructure investments.

The disagreement comes amid discussions over revenue distribution, fiscal pressures on state governments and the management of public funds ahead of the 2027 elections.

The Presidency urged the Oyo governor to substantiate his claims, while the dispute has renewed attention on the accounting and distribution of NLNG dividends and the basis for determining what states may be entitled to receive.