Presidency faults Makinde’s claim of N250bn NLNG dividends for each state

The Presidency has dismissed claims by Oyo Governor, Seyi Makinde, that the Federal Government is withholding ₦250 billion in Nigeria LNG Limited (NLNG) dividends due to each state of the federation until after the 2027 general elections.

Makinde made the claim last week at the 2027 Budget Stakeholders’ Consultative Engagement in Ibadan, where he said the funds would support strategic projects planned to accelerate Oyo State’s economic growth.

He alleged that the delay in releasing the money was undermining economic expansion efforts across the country.

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“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?” he said.

However, Bayo Onanuga, Special Adviser to the President on Information and Strategy, dismissed the claim, describing the alleged NLNG dividend windfall as speculation.

In a statement, the Presidency said NLNG had never paid $25 billion in dividends into the Federation Account in a single payout.

It stated that the company 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 Tinubu assumed office.

The statement explained that a one-off payment of ₦250 billion to each of the 36 states would amount to ₦9 trillion, excluding the Federal Government, the Federal Capital Territory and the 774 local government areas.

It added 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 reach ₦9 trillion, total NLNG dividends paid into the Federation Account would have to exceed ₦33.68 trillion (about $25 billion) in a single declaration,” the statement said.

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

The Presidency argued that the amount being claimed as a withheld payment exceeded the company’s total dividend payments to the federation over its entire history.

“Therefore, any claim that a single payout exceeds the company’s entire lifetime distribution to the Federation—and is being withheld—defies basic logic and economic reality,” it added.

The statement urged Makinde, whom it described as the presidential candidate of the Allied Peoples Movement, to exercise restraint in his public statements and campaign claims.

It also recalled that the governor had previously described the substantial financial allocations from the Federation Account to states, including Oyo, as “voodoo”.

“Under Nigerian law, Governor Makinde is free to pursue his presidential ambition. He should desist from making falsehoods and disinformation the hallmarks of his campaign,” the statement said.

The Presidency urged members of the public to disregard what it described as unfounded claims, arguing that they could mislead citizens and create unnecessary distrust of the Federal Government.