Makinde’s ₦250bn NLNG dividends claim is false, Presidency says
The Presidency has dismissed claims by Oyo State Governor Seyi Makinde that the Federal Government is withholding ₦250 billion in Nigeria LNG Limited (NLNG) dividends for each state until after the 2027 general election.
The President’s Special Adviser on Information and Strategy, Bayo Onanuga, described the claim as false in a statement issued on Sunday, insisting that the figures did not reflect the revenue-sharing arrangements or NLNG’s dividend payment history.
Makinde had made the claim on Friday at the 2027 Budget Stakeholders’ Consultative Engagement held at the Olola Ogunlana Hall, International Conference Centre, University of Ibadan.
The governor alleged that the Federal Government had delayed the release of the funds until after the election, saying Oyo State had identified projects that would boost its economy with the expected allocation.
“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 had said.
However, Onanuga argued that the amount claimed by the governor was inconsistent with the established revenue-sharing formula and the dividends paid by NLNG to the Federation.
He explained that allocating ₦250 billion to each of the 36 states would amount to ₦9 trillion, excluding the Federal Government, the Federal Capital Territory and the 774 local government councils.
According to him, states receive 26.72 per cent of distributable revenue from the Federation Account under the Federation Account Allocation Committee (FAAC) formula.
