The Presidency has firmly rejected Oyo State Governor Seyi Makinde’s allegation that the Federal Government is withholding ₦250 billion in Nigeria Liquefied Natural Gas (NLNG) dividends for each state until after the 2027 elections—and has spent the money in the meantime.
Speaking at a 2027 budget stakeholders’ engagement in Ibadan on Friday, Makinde claimed each of the 36 states was entitled to ₦250 billion from reconciled NLNG dividends paid into the Federation Account. He said his administration had already identified projects to fund with Oyo’s share and questioned why the money was being delayed until after the elections. “Is the election more important than the people of Nigeria?” he asked.
In a State House press statement issued on October 18, 2026, and signed by Special Adviser on Information and Strategy Bayo Onanuga, the Presidency described the claim as false and urged the public to disregard it.X
The rebuttal rests on simple arithmetic and the established Federation Account Allocation Committee (FAAC) sharing formula. Paying ₦250 billion to each of the 36 states would total ₦9 trillion for the states alone—excluding the Federal Government, the FCT, and local governments. Under the current FAAC formula, states receive 26.72% of distributable Federation Account revenue. For the states’ share to reach ₦9 trillion, NLNG would have had to pay more than ₦33.68 trillion (roughly $25 billion) into the Federation Account in a single payout.
That figure is larger than the entire amount NLNG has paid to the Federation over 25 years, which the Presidency puts at approximately $21.5 billion. Of that total, less than $3 billion has been realised since President Bola Tinubu assumed office. NLNG has never made a $25 billion dividend payment in one go.
“Any claim that a single payout exceeds the company’s entire lifetime distribution to the Federation—and is being withheld—defies basic logic and economic reality,” the statement noted.
Onanuga also linked the allegation to Makinde’s presidential ambitions, saying the governor has increasingly relied on “misleading claims rather than presenting verifiable facts” since launching his bid. He recalled that Makinde once described substantial federation account inflows to states, including Oyo, as “voodoo.” While affirming Makinde’s right to contest, the Presidency urged him to stop making “falsehoods and disinformation the hallmarks of his campaign.”
The statement concluded by asking Nigerians to disregard the claims, which it said serve only to mislead citizens and create unnecessary tension with federal authorities.
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