The Presidency has dismissed as false a claim by Oyo State Governor, Seyi Makinde, that the Federal Government is withholding ₦250 billion in Nigeria Liquefied Natural Gas (NLNG) dividends for each state of the federation until after the 2027 general elections.
The President’s Special Adviser on Information and Strategy, Bayo Onanuga, described the claim as misleading, arguing that the amount cited by the governor was inconsistent with the historical dividend payments made by NLNG to the Federation Account.
In a statement issued on Sunday, October 18, 2026, Onanuga said Makinde made the claim during the 2027 Budget Stakeholders’ Consultative Engagement held at Olola Ogunlana Hall, International Conference Centre, University of Ibadan, on Friday.
At the event, the governor reportedly alleged that the Federal Government had delayed the release of the funds until after the 2027 elections, despite his administration having identified projects intended to expand Oyo State’s economy.
Makinde was quoted as questioning whether the elections were more important than the welfare of Nigerians, while alleging that the Federal Government had already spent the money.
However, the Presidency argued that a distribution of ₦250 billion to each of Nigeria’s 36 states would amount to ₦9 trillion, excluding allocations to the Federal Government, the Federal Capital Territory and the 774 local government areas.
According to Onanuga, states receive 26.72 per cent of distributable revenue from the Federation Account under the revenue-sharing formula of the Federation Account Allocation Committee (FAAC). He explained that for the states’ share alone to reach ₦9 trillion, total NLNG dividends paid into the Federation Account would have to exceed ₦33.68 trillion, equivalent to about 25 billion dollars, in a single declaration.
The presidential aide maintained that NLNG had never paid such an amount in dividends to the Federation Account in a single payout.
He added that the company had paid approximately 21.5 billion dollars in dividends to the Federation over the past 25 years, with less than three billion dollars realised since President Bola Tinubu assumed office.
Onanuga therefore argued that the allegation of a single dividend payment exceeding the company’s entire historical contribution to the Federation was inconsistent with the available figures.
The Presidency also criticised Makinde’s public statements, accusing him of making misleading claims since declaring his presidential ambition. It urged the governor to exercise restraint and ensure that his public comments were supported by verifiable facts.
While acknowledging the governor’s constitutional right to pursue the presidency, the statement urged him to avoid what it described as falsehoods and disinformation in his political campaign.
The Presidency called on Nigerians to disregard the allegation, saying it could mislead citizens and create unnecessary distrust between the public and the Federal Government.
