Presidency, Makinde Clash Over Alleged N250bn NLNG Dividends * Tinubu's Aide dismisses Oyo governor's claim

By Majesty Inegbagha

ABUJA — The Presidency has dismissed a claim by Oyo State Governor Seyi Makinde that the Federal Government is withholding ₦250 billion in Nigeria LNG Limited (NLNG) dividends for each state of the federation until after the 2027 general elections.

L-R President Tinubu and Makinde 

The Presidency described the allegation as false, arguing that the amount cited by the governor was inconsistent with the historical dividend payments made by NLNG to the Federation Account.

Makinde reportedly made the claim on Friday at the 2027 Budget Stakeholders’ Consultative Engagement held at Olola Ogunlana Hall, International Conference Centre, University of Ibadan.

The governor alleged that the funds, which he said could have supported development projects in Oyo State, would not be released 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 was quoted as saying.

However, the Presidency, in a statement issued on October 18, 2026, by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, an posted on his X handle, urged Nigerians to disregard the allegation.

Onanuga explained that distributing ₦250 billion to each of the 36 states would amount to ₦9 trillion, excluding allocations to the Federal Government, the Federal Capital Territory and the 774 local government areas.

He said that, under the Federation Account Allocation Committee (FAAC) revenue-sharing formula, states receive 26.72 per cent of distributable Federation Account revenue.

According to him, for the states’ share alone 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 declaration.

The presidential aide maintained that NLNG had never paid $25 billion in dividends to the Federation Account in a single payout.

Providing historical context, Onanuga stated that NLNG had paid approximately $21.5 billion in dividends to the Federation over 25 years, with less than $3 billion realised since President Bola Ahmed Tinubu assumed office.

He argued that the figures did not support the allegation that a single dividend payout of the magnitude claimed by Makinde was being withheld by the Federal Government.

The statement also criticised the governor’s public comments, urging him to exercise restraint in his political utterances.

Onanuga alleged that since declaring his presidential ambition, Makinde had increasingly made claims that the Presidency considered misleading rather than presenting verifiable facts.

He also recalled the governor’s previous description of financial allocations from the Federation Account to states, including Oyo, as “voodoo.”

The presidential aide acknowledged that Makinde was constitutionally free to pursue his presidential ambition but urged him to avoid what the Presidency characterised as falsehoods and disinformation in his campaign.

The statement further called on 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.