The Presidency has disputed Oyo State Governor Seyi Makinde’s claim that the Federal Government is withholding ₦250 billion in Nigerian Liquefied Natural Gas (NLNG) dividends for each state, citing the Federation Account revenue-sharing formula and the company’s historical dividend payments.
Makinde made the claim on Friday, 16 October, 2026, at the 2027 Budget Stakeholders’ Consultative Engagement held at the Olola Ogunlana Hall, International Conference Centre, University of Ibadan, where he alleged that the funds would not be released until after the 2027 general election.
The Governor also claimed that the Federal Government had already spent the money and questioned why its release would be delayed until after the election.
However, in a statement issued on Sunday, 18 October, 2026, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, rejected the allegation, arguing that the figures cited by Makinde did not align with the established revenue-sharing formula or NLNG’s dividend payment history.
Onanuga said a payment 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 areas.
He explained that states receive 26.72 per cent of distributable revenue from the Federation Account under the Federation Account Allocation Committee (FAAC) sharing formula.
According to the presidential aide, 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 payout.
Onanuga said NLNG had never paid such an amount in dividends to the Federation in a single declaration.
He added that the company 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 Tinubu assumed office.
The Presidency argued that these figures contradicted the claim that a single NLNG dividend payout of the size alleged by Makinde was being withheld.
Onanuga also referred to the governor’s previous comments on revenue allocations to states, including his description of the substantial inflows from the Federation Account as “voodoo”.
He urged Makinde to ensure that his public statements on federal revenue were supported by verifiable information, while acknowledging his right to pursue his presidential ambition.
The Presidency called on the public to disregard Makinde’s claim, maintaining that it could create misconceptions about the management and distribution of federal revenue.
The statement was signed by Onanuga and dated October 18, 2026.
