The Presidency has dismissed claims by Oyo State Governor, Seyi Makinde, that the Federal Government is withholding N250 billion in NLNG dividends meant for each state of the federation until after the 2027 general elections.
Governor Makinde had made the allegation at the 2027 Budget Stakeholders’ Consultative Engagement held at the Olola Ogunlana Hall, International Conference Centre, University of Ibadan, on Friday, where he claimed the funds had already been spent by the Federal Government.
“Each state was supposed to get N250 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.
But in a swift response contained in a State House Press Statement issued on Saturday, October 18, 2026, by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the Presidency described Makinde’s claim as false and said it should be disregarded.
The Presidency explained that the figures being pushed by the governor defy basic logic, economic reality and the structure of how the Federation Account is managed and shared.
According to the statement, even as a one-off distribution, N250 billion to each of the 36 states amounts to N9.0 trillion, excluding what would go to the Federal Government, the Federal Capital Territory (FCT), and the 774 local government councils.
“Under the Federation Account Allocation Committee (FAAC) formula, states receive 26.72% of the distributable Federation Account revenue. For the states’ share alone to reach N9 trillion, total NLNG dividends paid into the Federation Account would have to exceed N33.68 trillion (about $25 billion) in a single declaration,” the Presidency stated.
It stressed that the Nigeria Liquefied Natural Gas (NLNG) company has never paid $25 billion in dividends to the Federation Account in a single payout in its entire history.
Providing historical context, the Presidency disclosed that NLNG has paid approximately $21.5 billion in dividends to the Federation over the last 25 years, with less than $3 billion realised since President Bola Ahmed Tinubu assumed office on May 29, 2023.
“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 statement added.
The Presidency also took a swipe at Governor Makinde’s recent political conduct, accusing him of resorting to misleading claims since embarking on his presidential ambition.
“We expect Governor Makinde to be more measured in his public conduct and utterances. Since he embarked on his presidential bid, he has chosen to play politics by making misleading claims rather than presenting verifiable facts. Indeed, he has turned false, unguarded statements and claims into an art form,” Onanuga said.
The statement recalled that Makinde had previously described the huge financial flow from the federation account to states, including Oyo, as ‘voodoo’.
While noting that Governor Makinde is free under Nigerian law to pursue his presidential ambition, the Presidency urged him to desist from making falsehood and disinformation the hallmark of his campaign.
“We urge the public to disregard these unfounded claims, which serve only to mislead citizens and stoke needless disaffection against the Federal authorities,” the Presidency said
