By Jane Okafor, Abuja
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, arguing that the figures cited by the governor are inconsistent with the Federation Account revenue-sharing formula.
In a statement issued on Sunday, October 18, 2026, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, described Makinde’s claim as false and urged Nigerians to disregard it.
Makinde had reportedly raised the issue at the 2027 Budget Stakeholders’ Consultative Engagement held at Olola Ogunlana Hall, International Conference Centre, University of Ibadan, on Friday.
The governor alleged that the Federal Government had delayed the release of the funds until after the 2027 elections, claiming that Oyo State had already identified projects that could be financed with the money to expand its 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 was quoted as saying.
However, the Presidency disputed the claim, arguing that a distribution of ₦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.
According to Onanuga, states receive 26.72 per cent of distributable revenue from the Federation Account under the Federation Account Allocation Committee (FAAC) revenue-sharing formula.
He argued that for the states’ collective share to reach ₦9 trillion, total NLNG dividends paid into the Federation Account would have to exceed ₦33.68 trillion, equivalent to approximately $25 billion, in a single payout.
The presidential aide maintained that NLNG had never made a dividend payment of that magnitude to the Federation Account.
Providing historical context, Onanuga stated that NLNG 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 Ahmed Tinubu assumed office.
He argued that the figures undermined the allegation that the Federal Government was withholding a single dividend payout exceeding the company’s entire historical dividend contributions to the Federation.
The Presidency also criticised Makinde’s public statements on federal revenue allocations, accusing him of making misleading claims in the course of his reported presidential ambition.
Onanuga referenced an earlier occasion when the governor reportedly described the substantial financial allocations states receive from the Federation Account, including those accruing to Oyo State, as “voodoo”.
While acknowledging Makinde’s constitutional right to pursue the presidency, the presidential aide urged him to ensure that his public statements were supported by 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,” the statement said.
The Presidency further urged Nigerians to disregard what it described as unfounded claims, arguing that such allegations could mislead citizens and create unnecessary tension between the public and the Federal Government.
The statement did not provide a separate breakdown of the specific NLNG dividend payment allegedly in dispute or details of any official communication concerning the proposed ₦250 billion allocation to each state.
