The Presidency has dismissed Oyo State Governor Seyi Makinde’s claim that the Federal Government is withholding ₦250 billion in Nigeria LNG Limited (NLNG) dividends for each state, describing the allegation as false and inconsistent with the country’s revenue-sharing framework.
In a statement issued on Sunday, October 18, 2026, the President’s Special Adviser on Information and Strategy, Bayo Onanuga, challenged the governor to substantiate his claim, arguing that the figures involved did not align with NLNG’s historical dividend payments to the Federation.
Makinde had reportedly made the allegation at the 2027 Budget Stakeholders’ Consultative Engagement held at Olola Ogunlana Hall, International Conference Centre, University of Ibadan, on Friday.
The governor said the Federal Government had informed states that the money would not be released until after the 2027 general election, adding that Oyo State had already identified projects intended to expand its economy with the expected funds.
Questioning the alleged delay, Makinde asked whether the election was more important than the welfare of Nigerians.
However, the Presidency maintained that the claim was unfounded, citing the Federation Account Allocation Committee (FAAC) revenue-sharing formula to challenge the amount allegedly due to the states.
According to Onanuga, allocating ₦250 billion to each of Nigeria’s 36 states would amount to ₦9 trillion, excluding the Federal Government, the Federal Capital Territory and the country’s 774 local government councils.
He explained that states receive 26.72 per cent of distributable revenue from the Federation Account, meaning that for the states’ share alone to reach ₦9 trillion, total NLNG dividends paid into the account would have to exceed ₦33.68 trillion, equivalent to approximately $25 billion, in a single declaration.
The Presidency argued that NLNG had never made a dividend payment of that magnitude to the Federation Account.
Providing historical context, 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 suggestion that a single dividend payout exceeding the company’s entire historical distribution to the Federation was being withheld was inconsistent with the available figures.
The statement also took a political turn, accusing Makinde of making misleading claims since embarking on his presidential ambition ahead of the 2027 elections.
Onanuga urged the governor to exercise restraint in his public statements and focus on verifiable facts rather than allegations capable of misleading citizens.
He recalled Makinde’s previous description of substantial financial allocations from the Federation Account to states, including Oyo, as “voodoo,” arguing that the governor’s public comments had contributed to what the Presidency described as unnecessary controversy over federal revenue distribution.
While acknowledging Makinde’s constitutional right to pursue the presidency, the presidential spokesman urged him to avoid what he characterised as falsehoods and disinformation in his political campaign.
The Presidency also called on Nigerians to disregard the governor’s allegation, insisting that it could create unnecessary distrust between citizens and the Federal Government.
The dispute comes as political actors intensify their engagements ahead of the 2027 general elections, with the management and distribution of public revenue remaining a significant issue in debates over federal-state relations and economic development.
