Presidency Dismisses Makinde’s ₦250bn NLNG Dividend Claim, Says No Money Withheld

ABUJA, NIGERIA—The Presidency has refuted claims made by Oyo State Governor Seyi Makinde, that the Federal Government is withholding ₦250 billion in Nigeria Liquefied Natural Gas (NLNG) dividends from each state of the federation until after the 2027 general elections.

In a rebuttal issued on Sunday, October 18, 2026, Special Adviser to the President on Information and Strategy, Bayo Onanuga, described the governor’s allegations as “false” and urged the public to disregard them completely.

Makinde made the claims on Friday at the 2027 Budget Stakeholders’ Consultative Engagement at the University of Ibadan, alleging that the Federal Government had already spent the money and was delaying the payout for political reasons.

“Each state was supposed to get ₦250 billion… 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?” Makinde was quoted as saying.

The Presidency explained that paying ₦250 billion to all 36 states would require a whopping ₦9 trillion windfall. Referring to the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) statutory disbursement framework, the presidency said states receive 26.72% of the distributable Federation Account revenue. For the states’ share alone to hit ₦9 trillion, the total NLNG dividend payout into the Federation Account would have to exceed ₦33.68 trillion (roughly $25 billion) in a single declaration, the statement added.

It explained that the NLNG has paid approximately $21.5 billion in total dividends over the last 25 years and that since President Bola Tinubu took office in 2023, less than $3 billion has been realized from NLNG dividends.

“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,” Onanuga stated.

The Federal Government criticized Governor Makinde’s recent public utterances, linking them directly to his rumoured 2027 presidential bid, accusing the governor of trading verifiable facts for political disinformation to stoke disaffection against federal authorities.

“Under Nigerian law, Governor Makinde is free to pursue his presidential ambition,” the statement concluded. “He should, however, desist from making falsehoods and disinformation the hallmarks of his campaign.”