Presidency Disputes Makinde’s Claim That FG Is Withholding ₦250bn NLNG Dividends for Each State

The Presidency has rejected Oyo State Governor Seyi Makinde’s claim that the Federal Government is withholding ₦250 billion in Nigeria LNG (NLNG) dividends for each state. It called the claim false and urged the public to disregard it.

By: Tunji Okunlola

In a statement dated 18 October 2026, signed by Bayo Onanuga, Special Adviser to the President (Information and Strategy), the Presidency said Makinde’s figures do not add up.

What Makinde said

Makinde spoke on Friday at the 2027 Budget Stakeholders’ Consultative Engagement at the Olola Ogunlana Hall, International Conference Centre, University of Ibadan. He claimed each state was due ₦250 billion and that the funds would not be released until after the 2027 elections. He also said the Federal Government had already spent the money.

“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.

The Presidency’s arithmetic

The Presidency said that even as a one-off distribution, ₦250 billion for each of the 36 states comes to ₦9.0 trillion, before counting the Federal Government, the Federal Capital Territory and the 774 local councils.

Under the Federation Account Allocation Committee (FAAC) formula, states receive 26.72 per cent of distributable Federation Account revenue. For the states’ share alone to reach ₦9 trillion, it said, NLNG dividends paid into the Federation Account would have to exceed ₦33.68 trillion, about $25 billion, in a single declaration. It said NLNG has never paid such an amount in one payout.

Historical dividends

The statement said NLNG has paid about $21.5 billion in dividends to the Federation over the past 25 years, with less than $3 billion realised since President Bola Tinubu took office. It argued that a claim of a single payout larger than the company’s entire lifetime distribution to the Federation, which is also being withheld, “defies basic logic and economic reality.”

Attack on Makinde

The Presidency said it expects the governor to be more measured, and accused him of making misleading claims since launching his presidential bid. It said he has turned “false, unguarded statements” into an “art form,” and noted that he once described the flow of federal allocations to states, including Oyo, as “voodoo.” It acknowledged that Makinde is free under Nigerian law to pursue his presidential ambition, but urged him to stop making falsehoods and disinformation the hallmarks of his campaign. It also asked the public to disregard what it called unfounded claims that mislead citizens and stoke needless disaffection against federal authorities.