NLNG Dividends: Stop Misleading Nigerians, Presidency Tackles Gov Makinde
Written by News Desk on October 18, 2026
The Presidency has dismissed as false a claim by Oyo State Governor, Engineer Seyi Makinde, that the Federal Government is withholding ₦250 billion in Nigeria Liquefied Natural Gas, NLNG, dividends due to each State of the Federation.
The Presidency said the claim was inconsistent with the historical dividend payments made by NLNG to the Federation Account, urging Nigerians to disregard what it described as misleading information.
This is contained in a statement issued by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga.
Governor Makinde reportedly made the claim at the 2027 Budget Stakeholders’ Consultative Engagement held at Olola Ogunlana Hall, International Conference Centre, University of Ibadan, on Friday.
The Governor alleged that the Federal Government had postponed the release of the funds until after the 2027 general elections, adding that the money had already been spent.
“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?” Governor Makinde was quoted as saying.
However, in a statement, the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, rejected the allegation, arguing that the figures cited by the Governor did not align with the established revenue-sharing framework or NLNG’s dividend history.
According to Mr Onanuga, a one-off payment of ₦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 Areas.
He explained that under the Federation Account Allocation Committee, FAAC, revenue-sharing formula, States receive 26.72 per cent of distributable revenue from the Federation Account.
Mr Onanuga argued 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 approximately $25 billion, in a single declaration.
“NLNG has never paid $25 billion in dividends to the Federation Account in a single payout,” he said.
Providing further details, Mr Onanuga said NLNG had paid approximately $21.5 billion in dividends to the Federation over the past 25 years, with less than $3 billion realised since President Bola Tinubu assumed office.
He argued that the claim of a single dividend payout exceeding the company’s entire historical distribution to the Federation was inconsistent with the figures cited by the Presidency.
The Presidential Aide also criticised Governor Makinde’s public statements, urging the Governor to exercise greater restraint and ensure that his claims were supported by verifiable facts.
Mr Onanuga alleged that since Governor Makinde embarked on his Presidential ambition, he had increasingly engaged in political statements that, according to him, could mislead the public.
He also recalled the governor’s previous description of substantial financial allocations from the Federation Account to states, including Oyo, as “voodoo.”
While acknowledging Governor Makinde’s constitutional right to pursue his presidential ambition, Mr Onanuga urged him to avoid statements that could misinform Nigerians or create unnecessary tension between citizens and the Federal Government.
“Under Nigerian law, Governor Makinde is free to pursue his presidential ambition. He should desist from making falsehoods and disinformation the hallmarks of his campaign,” he said.
The Presidency called on Nigerians to disregard what it described as unfounded claims, insisting that the allegations could mislead citizens and generate unnecessary public distrust of the Federal Government.
