The Presidency has dismissed Oyo State Governor Seyi Makinde’s claim that the Federal Government is withholding ₦250bn in Nigeria LNG Limited dividends from each state until after the 2027 general elections, describing the allegation as false and misleading.
The President’s Special Adviser on Information and Strategy, Bayo Onanuga, said in a statement on Sunday that the governor’s claim contradicted the historical dividend payments made by NLNG to the Federation Account.
Makinde had raised the issue at the 2027 Budget Stakeholders’ Consultative Engagement held at the 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 elections, despite states having identified projects for which the money would be used.
“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.
However, the Presidency rejected the allegation, arguing that the amount claimed would be inconsistent with the revenue-sharing formula and NLNG’s historical dividend payments.
According to Onanuga, a one-off payment of ₦250bn to each of Nigeria’s 36 states would amount to ₦9tn, excluding the Federal Government, the Federal Capital Territory and the 774 local government councils.
He explained that under the Federation Account Allocation Committee revenue-sharing formula, states receive 26.72 per cent of distributable Federation Account revenue.
Onanuga said the states’ combined share could reach ₦9tn only if total NLNG dividends paid into the Federation Account exceeded ₦33.68tn, which he estimated at approximately $25bn in a single declaration.
“NLNG has never paid $25 billion in dividends to the Federation Account in a single payout,” he stated.
Providing a historical perspective, the presidential aide said NLNG had paid approximately $21.5bn in dividends to the Federation over the past 25 years, with less than $3bn realised since President Bola Tinubu assumed office.
He argued that the figures contradicted Makinde’s claim that a single dividend payout exceeding the company’s entire historical distribution to the Federation was being withheld.
The Presidency also criticised the governor’s public statements, accusing him of making misleading claims since declaring his presidential ambition.
Onanuga urged Makinde to exercise restraint in his public comments and focus on verifiable information rather than allegations capable of misleading Nigerians.
He recalled that the governor had previously described substantial financial allocations from the Federation Account to states, including Oyo, as “voodoo”.
The presidential aide maintained that Makinde was constitutionally entitled to pursue his presidential ambition but should avoid what he described as falsehoods and disinformation in his campaign.
“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,” Onanuga said.
He urged Nigerians to disregard the governor’s allegation, arguing that it could mislead the public and generate unnecessary hostility towards the Federal Government.
The statement was signed by Onanuga on October 18, 2026.
