Presidency rejects Makinde’s claim over ₦250bn NLNG dividends
The presidency has dismissed claims by Oyo State Governor Seyi Makinde that the Federal Government is withholding ₦250 billion in Nigeria LNG Limited (NLNG) dividends meant for each of the 36 states until after the 2027 general election.
Presidential spokesman Bayo Onanuga described the allegation as false and misleading, insisting that the figures cited by the governor were inconsistent with the country’s revenue-sharing arrangements and NLNG’s historical dividend payments.
Makinde, the Allied Peoples Movement (APM) presidential candidate, made the allegation on Friday during the 2027 Budget Stakeholders’ Consultative Engagement at the University of Ibadan.
The governor claimed that each state was entitled to ₦250 billion from NLNG dividends but that the Federal Government had decided to delay payment until after the elections.
“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 said.
Responding in a statement on Sunday, Onanuga rejected the allegation and challenged the governor to substantiate his claims.
“Makinde’s latest claim that the Federal Government is withholding the NLNG dividend windfall is false and should be disregarded,” he said.
According to the presidency, distributing ₦250 billion to each of the 36 states would require ₦9 trillion, excluding allocations to the Federal Government, the Federal Capital Territory and local government councils.
Onanuga explained that states receive 26.72% of distributable Federation Account revenue, meaning that generating ₦9 trillion for states alone would require total NLNG dividends exceeding ₦33.68 trillion, approximately $25 billion, in a single payout.
He maintained that NLNG had never made such a payment, noting that the company had distributed approximately $21.5 billion in dividends to the Federation over 25 years.
The presidential spokesman added that less than $3 billion had been realised since President Bola Tinubu assumed office in 2023.
“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.
The presidency accused Makinde of making unsubstantiated allegations for political advantage and urged him to conduct his presidential campaign responsibly.
It also called on Nigerians to disregard the governor’s claims, describing them as capable of creating unnecessary public distrust in the Federal Government.