Presidency dismisses Makinde over N250bn NLNG dividend claims

The Presidency on Sunday dismissed claims by Seyi Makinde, the Oyo State governor, that the federal government owes states ₦250 billion in undisbursed dividends from Nigeria Liquefied Natural Gas earnings.

Special Adviser to the President on Information and Strategy Bayo Onanuga stated in a release on Sunday that the claim that the federal government was withholding the NLNG dividend windfall was false and should be disregarded.

Makinde had asserted the 2027 Budget Stakeholders Consultative Engagement held at the Olola Ogunlana Hall, International Conference Centre, University of Ibadan. The governor, who is also the presidential candidate of the Allied People’s Movement (APM), alleged that the federal government intended to withhold the funds until after the 2027 elections and had spent the money.

Unrealistic arithmetic and lifetime totals

According to Makinde, each state was supposed to receive ₦250 billion to fund economic expansion projects in Oyo State. He questioned whether elections took place above the interests of Nigerian citizens.

In response, Onanuga noted that the total dividends paid by NLNG to the federal government since its inception in May 1989 stood at $21.5 billion, with less than $3 billion realised under President Bola Tinubu’s administration.

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Onanuga explained that distributing a one-off payment of ₦250 billion to each of the 36 states would total ₦9 trillion, excluding allocations for the federal government, the Federal Capital Territory, and the 774 local councils. Under the Federation Account Allocation Committee formula, states receive 26.72 percent of distributable revenue. For the state share alone to reach ₦9 trillion, total NLNG dividends paid into the Federation Account would need to exceed ₦33.68 billion—approximately $25 billion—in a single declaration.

“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,” Onanuga said.

Call for measured public conduct

The Presidency stated that NLNG had never paid $25 billion in dividends in a single payout, making any claim of a withheld lump sum exceeding lifetime distributions contrary to basic logic and economic reality.

The Presidency cautioned Makinde to exercise greater restraint in his public conduct, alleging that he had chosen to play politics through misleading claims rather than verifiable facts since launching his presidential bid.

The government warned that while Makinde was free to pursue his political ambitions under Nigerian law, he should desist from making falsehoods and disinformation the hallmarks of his campaign, urging the public to disregard unfounded claims designed to stoke disaffection against federal authorities.

“We urge the public to disregard these unfounded claims, which serve only to mislead citizens and stoke needless disaffection against the Federal authorities,” Onanuga added.