Presidency Refutes Gov Makinde’s N250bn NLNG Dividend Claims
The Federal Government has strongly rejected claims by Oyo State Governor Seyi Makinde that the administration of President Bola Ahmed Tinubu is withholding a N250 billion Nigeria LNG (NLNG) dividend windfall meant for each state.
Governor Makinde made the allegations on Friday, October 16, 2026, during the 2027 Budget Stakeholders’ Consultative Engagement at the Olola Ogunlana Hall, International Conference Centre, University of Ibadan.
He claimed that reconciled figures showed each state was due over N250 billion, adding that the funds were being delayed until after the 2027 general elections and alleged that the Federal Government had spent the money.
Reacting through a statement signed by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the Presidency labelled the assertions as false, misleading, and defying basic economic reality.
Here are the facts as highlighted by The Presidency:
*Allocating N250 billion to each of the 36 states totals N9.0 trillion—an amount that excludes the Federal Government, the Federal Capital Territory (FCT), and the 774 local government councils.
*Under the Federation Account Allocation Committee (FAAC) sharing formula, states receive 26.72% of distributable revenue. For the states alone to claim N9 trillion, total NLNG dividends paid into the Federation Account would need to exceed N33.68 trillion (roughly $25 billion) in a single payout.
*NLNG has distributed approximately $21.5 billion in dividends to the Federation over the past 25 years, with less than $3 billion realized since President Tinubu took office.
The Presidency’s statement criticized Governor Makinde—who has declared a presidential ambition—urging him to base his campaign on verifiable facts rather than “unguarded statements” and reminding the public to disregard claims designed to stoke disaffection against federal authorities.
