The Presidency has rejected Oyo State Governor Seyi Makinde’s allegation that the Federal Government is withholding ₦250 billion in Nigeria Liquefied Natural Gas (NLNG) dividends meant for each state until after the 2027 general elections. Presidential spokesman Bayo Onanuga described the claim as false in a statement issued on Sunday, 18 October 2026, and urged Nigerians to disregard it.
Makinde made the allegation on Friday during the 2027 Budget Stakeholders’ Consultative Engagement at the International Conference Centre in Ibadan. The governor claimed that the Federal Government had received the NLNG dividend payments but spent the money instead of distributing the states’ shares. He also alleged that the release of the funds had been postponed until after the 2027 elections, despite his administration having identified projects to support Oyo State’s economic growth.
In response, Onanuga argued that distributing ₦250 billion to each of Nigeria’s 36 states would require ₦9 trillion for the states alone, excluding allocations to the Federal Government, the Federal Capital Territory and the 774 local government councils. He explained that states receive 26.72 per cent of distributable Federation Account revenue under the Federation Account Allocation Committee (FAAC) sharing formula.
The presidential spokesman further stated that for the states’ combined 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 declaration. According to Onanuga, NLNG has never made a dividend payment of that size. 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.
Onanuga criticised Makinde’s public statements, urging him to exercise greater caution when discussing government finances. He accused the governor of making misleading claims for political reasons and recalled his previous description of increased Federation Account allocations to states as “voodoo”. Makinde, who is seeking the presidency under the Allied Peoples Movement (APM) ahead of the 2027 elections, has maintained that the dividend funds were expected by the states. The Presidency’s response disputes his figures, although its statement did not provide a transaction-by-transaction breakdown of the specific dividend proceeds in question.
