Tinubu Govt Cornered N250bn NLNG Dividends Meant for States — Makinde

Oyo State Governor Seyi Makinde has accused President Bola Tinubu’s administration of spending Nigeria LNG Limited (NLNG) dividend funds expected to be distributed to state governments, alleging that each state is entitled to more than ₦250 billion.

Makinde made the allegation on Friday during a stakeholders’ consultative engagement on Oyo State’s 2027 budget at the International Conference Centre, University of Ibadan.

He said the payments had been delayed despite a reconciliation exercise to determine the amounts due to individual states.

“They fooled us. The Nigeria LNG paid dividends to the Federal Government, which went straight into the Federation Account, but they spent it,” the governor said.

Makinde alleged that the Federal Government retained the money instead of distributing the states’ respective shares.

He said his administration had already identified projects that could be financed with the expected funds to stimulate economic growth and expand infrastructure development in Oyo State.

“Each state should receive more than ₦250 billion. We were planning towards this, identified projects that we can invest the money in to further expand the economy of Oyo State,” he said.

The governor also criticised the reported decision to postpone payment until after the 2027 general elections, questioning whether political considerations should take precedence over the welfare of Nigerians.

“Now, they say they are not going to pay that money until after the election. Is the election more important than the people of Nigeria?” he asked.

Makinde suggested that concerns about how governors might use the money during the election period could be contributing to the delay. However, he argued that such concerns should not prevent states from receiving funds due to them.

The governor said the expected allocation would help states finance development projects at a time when rising costs were putting pressure on public budgets.

He also highlighted the financial challenges facing Oyo State, noting that the state’s monthly wage bill had risen from ₦4.5 billion in 2019 to ₦18 billion in 2026.

Makinde said the cost of infrastructure projects had also increased, making additional revenue important for sustaining planned investments.

The Federal Government had not publicly responded to Makinde’s specific allegations at the time of the reports. The claims concerning the amount owed to states, the handling of the dividends and the timing of payment remain allegations attributed to the governor.