The Presidency has disputed Oyo State Governor Seyi Makinde’s claim that the Federal Government is withholding ₦250 billion in Nigeria LNG Limited (NLNG) dividends for each state until after the 2027 general elections.
In a statement issued on Sunday, October 18, 2026, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, described the allegation as false, arguing that the amount claimed did not correspond with the revenue-sharing formula or NLNG’s historical dividend payments to the Federation Account.
Makinde reportedly made the claim at the 2027 Budget Stakeholders’ Consultative Engagement held at the Olola Ogunlana Hall, International Conference Centre, University of Ibadan, on Friday.
The governor said each state was expected to receive ₦250 billion from the dividends but alleged that the Federal Government had postponed the payment until after the 2027 elections.
“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?” Makinde was quoted as saying.
However, the Presidency argued that 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 774 local government councils.
Onanuga 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.
He said the states’ combined share would require total NLNG dividends exceeding ₦33.68 trillion, equivalent to about $25 billion, for each state to receive ₦250 billion from a single distribution.
According to the Presidency, NLNG has never paid $25 billion in dividends to the Federation Account in a single payout.
The statement further claimed that NLNG had paid approximately $21.5 billion in dividends to the Federation over the past 25 years, with less than $3 billion received since President Bola Ahmed Tinubu assumed office.
Onanuga maintained that these figures contradicted the suggestion that a single dividend payment large enough to provide ₦250 billion to each state was being withheld.
The presidential spokesman also criticised Makinde’s comments on federal revenue distribution, urging the governor to exercise restraint and provide verifiable information when discussing public finances.
He accused Makinde of making misleading claims for political purposes since embarking on his presidential ambition. The statement also recalled the governor’s previous description of substantial financial allocations from the Federation Account to states, including Oyo, as “voodoo”.
The Presidency acknowledged that Makinde was entitled to pursue his presidential ambition but urged him to avoid statements it described as false and misleading.
It also called on Nigerians to disregard the allegation, arguing that it could create unnecessary distrust of the Federal Government.
The disagreement comes amid growing political attention to the management of public revenue and the distribution of funds among the three tiers of government ahead of the 2027 general elections.
