N250bn NLNG Dividends: Presidency Tackles Makinde, Says Claim Is False

The Presidency has described as false, claims by Governor Seyi Makinde of Oyo State that the Federal Government is withholding N250 billion NLNG dividends for each state of the federation.

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

But Special Adviser to the President on Information and Strategy, Bayo Onanuga, in a statement on October 18, 2026, said Makinde’s claim is false and should be disregarded.

Onanuga explained that even as a one-off distribution, N250 billion to each of the 36 states amounts to N9.0 trillion, excluding the Federal Government, FCT and 774 local councils.

He said under the Federation Account Allocation Committee, FAAC formula, states receive 26.72% of distributable Federation Account revenue, adding that for states’ share alone to reach N9 trillion, total NLNG dividends paid into the Federation Account would have to exceed N33.68 trillion, about $25 billion in a single declaration.

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

He noted that NLNG has paid approximately $21.5 billion in dividends to the Federation over the last 25 years, with less than $3 billion realised since President Bola Ahmed 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 stated.

Onanuga urged Makinde to be more measured in his public conduct, accusing him of playing politics since embarking on his presidential bid by making misleading claims.

“We expect Governor Makinde to be more measured in his public conduct and utterances. Since he embarked on his presidential bid, he has chosen to play politics by making misleading claims rather than presenting verifiable facts. Indeed, he has turned false, unguarded statements and claims into an art form,” Onanuga said.

He recalled that Makinde once described the huge financial flow from the federation account to states, including Oyo, as ‘voodoo’, adding that while the governor is free to pursue his presidential ambition, he should desist from making falsehoods and disinformation the hallmarks of his campaign.

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