Presidency Refutes Governor Makinde's ₦250 Billion NLNG Dividend Claims

The Presidency has categorically dismissed allegations made by Oyo State Governor Seyi Makinde, asserting that the federal government owes states ₦250 billion in undistributed dividends from Nigeria Liquefied Natural Gas (NLNG) earnings. This statement came in response to remarks made by Makinde during the 2027 Budget Stakeholders Consultative Engagement held at the International Conference Centre, University of Ibadan.

In a release issued on Sunday, Special Adviser to the President on Information and Strategy, Bayo Onanuga, labeled Makinde's claims as unfounded and urged the public to disregard them. The governor, who is also a presidential candidate for the All Progressives Congress, alleged that the federal government was deliberately withholding these funds until after the upcoming 2027 elections, suggesting that the money had already been spent.

Makinde argued that each state was entitled to receive ₦250 billion to support economic development projects in Oyo State. He expressed concern over whether the electoral process was being prioritized over the welfare of Nigerian citizens, implying that the withholding of these funds was politically motivated.

Onanuga countered Makinde's assertions by providing a detailed overview of NLNG's financial contributions to the federal government since its establishment in May 1989. He stated that the total dividends paid by NLNG amounted to $21.5 billion, with less than $3 billion accrued during President Bola Tinubu's administration. Onanuga further explained that the distribution of ₦250 billion to each of the 36 states would require a staggering total of ₦9 trillion, which is far beyond the actual dividends paid by NLNG.

The Presidency emphasized that for the state share alone to reach ₦9 trillion, the total NLNG dividends deposited into the Federation Account would need to surpass $25 billion in a single payout—a figure that has never been realized. Onanuga pointed out that such claims contradict basic economic principles and logic.

In light of these developments, the Presidency called on Governor Makinde to exercise caution in his public statements. It accused him of engaging in political maneuvering through misleading claims, particularly since he announced his presidential candidacy. The government urged Makinde to refrain from spreading misinformation and to focus on factual discourse as he pursues his political ambitions.

The ongoing exchange highlights the tensions between state and federal authorities in Nigeria, particularly regarding financial allocations and the management of resources. As the political landscape evolves ahead of the 2027 elections, the implications of such claims and counterclaims could significantly influence public perception and voter sentiment.