SUN OCT 18 2026-theGBJournal| The Presidency has rejected Oyo State Governor Seyi Makinde’s claim that the Federal Government is withholding ₦250 billion in Nigerian LNG (NLNG) dividends for each state until after the 2027 elections, describing the allegation as false.
In a statement issued on Sunday, Bayo Onanuga, Special Adviser to President Bola Ahmed Tinubu on Information and Strategy, said the figures cited by the governor were inconsistent with NLNG’s historical dividend payments and the Federation Account revenue-sharing formula.
Makinde, the Allied Peoples’ Movement (APM) presidential candidate for the 2027 presidential election, had raised the issue at the 2027 Budget Stakeholders’ Consultative Engagement at Olola Ogunlana Hall, International Conference Centre, University of Ibadan, on Friday.
He alleged that the funds, which Oyo State had planned to use for economic development projects, would not be released until after the 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?” the governor said.
The Presidency dismissed the allegation, arguing that the amount claimed would require an NLNG dividend payment far greater than the company’s historical distributions to the Federation.
“Makinde’s latest claim that the Federal Government is withholding the NLNG dividend windfall is false and should be disregarded,” the statement said.
The Presidency said that a one-off payment of ₦250 billion to each of Nigeria’s 36 states would amount to ₦9 trillion, excluding the Federal Government, the Federal Capital Territory and the country’s 774 local government councils.
Under the Federation Account Allocation Committee (FAAC) revenue-sharing formula, states receive 26.72% of distributable revenue from the Federation Account.
For the states’ allocation alone to reach ₦9 trillion, the Presidency said, total NLNG dividends paid into the Federation Account would have to exceed ₦33.68 trillion, or about $25 billion, in a single declaration.
“NLNG has never paid $25 billion in dividends to the Federation Account in a single payout,” the statement said.
The Presidency added that NLNG had paid approximately $21.5 billion in dividends to the Federation over the past 25 years, with less than $3 billion realised since Tinubu assumed office.
“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,” it said.
The statement also criticised Makinde’s public comments, accusing him of making misleading claims since embarking on his presidential bid.
“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 Presidency also recalled the governor’s previous description of the substantial financial allocations flowing from the Federation Account to states, including Oyo, as “voodoo”.
It said Makinde was entitled under Nigerian law to pursue his presidential ambition but should avoid making what it described as falsehoods and disinformation central to his campaign.
“Under Nigerian law, Governor Makinde is free to pursue his presidential ambition. He should desist from making falsehoods and disinformation the hallmarks of his campaign,” the statement said.
The Presidency urged the public to disregard the governor’s claims, saying they could mislead citizens and fuel unnecessary hostility towards the Federal Government.
The statement was signed by Bayo Onanuga, Special Adviser to the President on Information and Strategy, and dated October 18, 2026.
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