Presidency Challenges Makinde’s NLNG Claims
The Presidency has rejected Oyo State Governor Seyi Makinde’s claim that the Federal Government is withholding 250 billion naira in Nigeria Liquefied Natural Gas, NLNG, dividends meant for each state, describing the allegation as false.
Bayo Onanuga, Special Adviser to President Bola Ahmed Tinubu on Information and Strategy, disputed the governor’s figures in a statement issued on Sunday, arguing that the amount claimed does not align with Nigeria’s revenue-sharing formula or the history of NLNG dividend payments.
Mediaplusng.com reports that the disagreement centres on how NLNG dividend proceeds paid into the Federation Account were distributed and whether states and local governments are still owed additional funds.
According to Onanuga, allocating 250 billion naira to each of Nigeria’s 36 states would amount to nine trillion naira for the states alone. That calculation excludes the Federal Government, the Federal Capital Territory and the country’s 774 local government areas.
The presidential spokesperson explained that, under the Federation Account Allocation Committee revenue-sharing formula, states receive 26.72 per cent of distributable Federation Account revenue.
He argued that for the states’ combined share to reach nine trillion naira, total NLNG dividends paid into the Federation Account would have to exceed 33.68 trillion naira, equivalent to approximately 25 billion dollars, in a single declaration.
Onanuga maintained that NLNG had never made a dividend payment of that magnitude in a single payout and urged Nigerians to disregard Makinde’s allegation.
However, the Presidency’s statement did not provide a transaction-by-transaction reconciliation of the specific dividend proceeds cited by the Oyo governor or a detailed breakdown of the amounts allegedly due to individual states.
The dispute followed remarks by Makinde at the 2027 Budget Stakeholders’ Consultative Engagement in Ibadan on Friday.
During the event, the governor alleged that NLNG had paid dividends to the Federal Government, with the proceeds entering the Federation Account, but claimed the money had been spent rather than distributed to the states.
Makinde said the amounts due had already been reconciled and that each state was expected to receive more than 250 billion naira.
He also alleged that the release of the funds had been postponed until after the 2027 general elections, questioning why political considerations should delay money he believes could support development projects and improve citizens’ welfare.
According to the governor, Oyo State had already identified projects intended to expand its economy and create additional opportunities if the anticipated funds were released.
Makinde, who is the presidential candidate of the Allied People’s Movement for the 2027 elections, has called for the matter to be addressed, insisting that the interests of Nigerians should remain central to decisions concerning public revenue.
The Presidency, however, has focused its response on the scale of the governor’s claim and the implications of the established revenue-sharing formula.
At the heart of the disagreement are two issues: whether the total dividends and allocations support the amount claimed by Makinde, and whether a detailed reconciliation can establish the exact sums received and distributed.
A transparent account of the relevant payments, allocation records and outstanding balances would help clarify the competing claims.
For now, the Presidency has dismissed the allegation, while the Oyo State governor maintains that states are entitled to additional funds.
The dispute leaves questions about the specific dividend transactions and the alleged outstanding payments awaiting a detailed, verifiable explanation from the relevant authorities.
