Billion-Dollar Brouhaha: Presidency Rejects Makinde's Staggering N250bn NLNG Claim

The Nigerian Presidency has strongly refuted claims made by Oyo State Governor, Seyi Makinde, regarding the alleged withholding of ₦250 billion in Nigeria LNG Limited (NLNG) dividends by the Federal Government. Governor Makinde asserted last week during a 2027 Budget Stakeholders’ Consultative Engagement in Ibadan that these funds, supposedly due to each state, were being intentionally delayed until after the 2027 general elections. He argued that the delay was undermining economic expansion efforts nationwide and specifically hindering strategic projects planned to boost Oyo State's economic growth.

Governor Makinde expressed his frustration, stating, “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?”

However, Bayo Onanuga, Special Adviser to the President on Information and Strategy, categorically dismissed Makinde's assertions, labeling the alleged NLNG dividend windfall as mere speculation. In an official statement, the Presidency clarified that NLNG has never deposited $25 billion in dividends into the Federation Account in a single payment. It further detailed that the company has paid approximately $21.5 billion in dividends to the federation over the past 25 years, with less than $3 billion of that amount realized since President Bola Tinubu assumed office.

The Presidency elaborated on the financial impracticality of Makinde's claim. A one-off payment of ₦250 billion to each of Nigeria’s 36 states would cumulatively amount to a staggering ₦9 trillion. This figure excludes allocations for the Federal Government, the Federal Capital Territory, and the 774 local government areas. Given the Federation Account Allocation Committee (FAAC) revenue-sharing formula, where states receive 26.72 percent of distributable Federation Account revenue, the Presidency calculated that for states' share alone to reach ₦9 trillion, the total NLNG dividends paid into the Federation Account would need to exceed ₦33.68 trillion, or approximately $25 billion, in a single declaration. The statement reiterated firmly that NLNG has never made such an enormous single payout.

Furthermore, the Presidency underscored that the amount being claimed by Governor Makinde as a withheld payment (₦9 trillion for states) far surpasses the company’s total dividend payments to the federation over its entire operational history. The statement concluded on this point by asserting, “Therefore, 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 Presidency also urged Governor Makinde to exercise restraint and responsibility in his public statements and campaign claims. It referenced a previous instance where the governor had described substantial financial allocations from the Federation Account to states, including Oyo, as