NLNG Dividends: Presidency Dismisses Makinde’s ₦250bn-per-State Claim

The Presidency has dismissed Oyo State Governor Seyi Makinde’s claim that the Federal Government is withholding ₦250 billion in Nigeria LNG Limited (NLNG) dividends for each state, describing the allegation as false and inconsistent with the country’s revenue-sharing framework.

The President’s Special Adviser on Information and Strategy, Bayo Onanuga, said this in a statement on Sunday, urging Nigerians to disregard the governor’s allegation that the funds would not be released until after the 2027 general elections.

Makinde had raised the issue at the 2027 Budget Stakeholders’ Consultative Engagement held at the Olola Ogunlana Hall, International Conference Centre, University of Ibadan, on Friday.

The governor said the anticipated funds would have enabled his administration to execute projects aimed at expanding Oyo State’s economy.

“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?” Makinde asked.

However, the Presidency argued that the figures cited by the governor were inconsistent with the amounts NLNG had historically paid as dividends to the Federation.

According to Onanuga, distributing ₦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 under the Federation Account Allocation Committee (FAAC) revenue-sharing formula, states receive 26.72 per cent of distributable 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.

Onanuga added that NLNG had never paid $25 billion in dividends to the Federation Account in a single payout.

He 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.

“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,” he said.

The presidential aide also accused Makinde of making misleading statements since embarking on his presidential ambition, urging him to support his claims with verifiable facts.

“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,” Onanuga said.

The Presidency urged Nigerians to disregard the allegation, arguing that it could mislead citizens and generate unnecessary disaffection against the Federal Government.