N250bn per State? Presidency fires back at Makinde over NLNG dividends

The Presidency has dismissed Oyo State Governor Seyi Makinde’s claim that the Federal Government is withholding N250 billion in Nigeria LNG (NLNG) dividends for each state, describing the allegation as false and inconsistent with the country’s revenue-sharing framework.

Bayo Onanuga, Special Adviser to President Bola Tinubu on Information and Strategy, said in a statement dated October 18, 2026, that the figures cited by Makinde did not align with the established distribution formula for revenue accruing to the Federation Account.

Makinde had made the allegation on Friday during the 2027 Budget Stakeholders’ Consultative Engagement at Olola Ogunlana Hall, International Conference Centre, University of Ibadan.

The governor claimed that the funds, which he said could have supported projects to expand Oyo State’s economy, would not be released until after the 2027 elections.

“Each state was supposed to get N250 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 said.

He also alleged that the Federal Government had already spent the money.

READ ALSO; FX scarcity, VAT responsible for rising cost of cooking gas–NLNG

However, the Presidency argued that the claim was mathematically inconsistent with the revenue-sharing structure and historical dividend payments from NLNG.

According to Onanuga, distributing N250 billion to each of Nigeria’s 36 states would require a total of N9 trillion, excluding allocations to the Federal Government, the Federal Capital Territory and the 774 local government councils.

He explained that under the Federation Account Allocation Committee (FAAC) revenue-sharing formula, states receive 26.72 per cent of distributable Federation Account revenue.

For the states’ share alone to amount to N9 trillion, Onanuga said, total NLNG dividends paid into the Federation Account would have to exceed N33.68 trillion, equivalent to approximately $25 billion, in a single declaration.

“NLNG has never paid $25 billion in dividends to the Federation Account in a single payout,” he said.

The presidential spokesman added 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 amount allegedly being withheld would exceed the company’s entire historical dividend contributions to the Federation if Makinde’s claim were interpreted as a single payout.

The Presidency also criticised the governor’s public statements, accusing him of making misleading claims in connection with his reported presidential ambition.

Onanuga said Makinde was constitutionally entitled to pursue the presidency but urged him to substantiate his claims with verifiable facts.

He called on Nigerians to disregard the allegation, arguing that it could mislead citizens and generate unnecessary tension between the Federal Government and the states.

The statement did not provide details of any specific NLNG dividend payment currently under consideration or independently establish the timing of any proposed distribution.