The NLNG dividend claim by Oyo State Governor Seyi Makinde has triggered a response from the Presidency, which disputes his allegation that the Federal Government is withholding ₦250 billion meant for each state until after the 2027 elections.
In a statement issued on Sunday, October 18, 2026, President Bola Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, dismissed the allegation. He argued that the figures cited by Makinde do not align with Nigeria’s revenue-sharing formula or NLNG’s dividend history.
What Makinde Said About the Money
Makinde raised the issue on Friday during the 2027 Budget Stakeholders’ Consultative Engagement at the International Conference Centre, University of Ibadan.
The governor alleged that each state was expected to receive ₦250 billion from NLNG dividends. He said Oyo State had already identified projects that could boost its economy using the expected funds.
Makinde also questioned why the payment would reportedly be delayed until after the 2027 elections. He argued that the needs of Nigerians should take priority over political considerations.
Presidency Challenges the NLNG Dividend Claim With Figures
The Presidency countered that distributing ₦250 billion to each of Nigeria’s 36 states would require a total of ₦9 trillion.
Onanuga explained that states receive 26.72 per cent of distributable revenue from the Federation Account Allocation Committee (FAAC). Based on that formula, he said, the states’ combined share would require total NLNG dividend payments exceeding ₦33.68 trillion, or about $25 billion, to reach ₦9 trillion.
According to the Presidency, NLNG has never paid $25 billion in dividends to the Federation Account in a single distribution.
It therefore rejected Makinde’s allegation that such a sum was being withheld, urging Nigerians to disregard the claim.
Presidency Cites NLNG’s Dividend History
Onanuga also referred to the company’s historical payments to the Federation.
He stated that NLNG had paid approximately $21.5 billion in dividends to the Federation over the past 25 years. Less than $3 billion of that amount, he added, had been realised since Tinubu became president.
The Presidency used these figures to challenge the suggestion that a single unpaid distribution could reach the amount alleged by Makinde.
However, the statement represents the Presidency’s response to the governor’s allegation; it does not independently establish the status of any specific pending payment.
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Onanuga Accuses Makinde of Political Disinformation
The presidential aide also criticised Makinde’s public comments, linking them to the governor’s reported ambition to contest the 2027 presidential election.
Onanuga accused him of making misleading statements instead of presenting verifiable information. He also recalled Makinde’s previous description of large financial allocations from the Federation Account to states as “voodoo”.
The Presidency maintained that Makinde has the right to pursue his political ambitions but urged him to avoid claims it considers false or misleading.
It concluded by asking Nigerians to disregard the allegation, arguing that it could create unnecessary tension between citizens and the Federal Government.