*The Nigerian Government asserts the latest false, unguarded statements and claims of Governor Seyi Makinde of Oyo State about alleged withholding of ₦250 billion in NLNG dividend windfall for each state ‘is false and should be disregarded’
Isola Moses | ConsumerConnect
The Nigerian Presidency has clarified that Oyo State Governor Seyi Makinde’s recent claim that the Federal Government is withholding ₦250 billion in NLNG dividends for each state of the Federation.
Speaking at the 2027 Budget Stakeholders’ Consultative Engagement held in the Olola Ogunlana Hall, International Conference Centre, University of Ibadan (UI), Friday, October 16, 2026, Governor Makinde had claimed the funds would not be released until after the 2027 General Elections.
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The Oyo Governor also alleged the Federal Government had spent the money.
Mr. Bayo Onanuga, Special Adviser to the President on Information and Strategy, Sunday, October 18, 2026, stated Makinde said: “Each state was supposed to get ₦250 billion.
“We had already identified projects that would expand Oyo State’s economy.”
He further claimed “but they have now said the money will not be paid until after the elections.
“Are the elections more important than the people of Nigeria?”
The Presidency said Makinde’s latest claim that the Federal Government was withholding the NLNG dividend windfall “is false and should be disregarded.”
On key facts Nigerians should know about Federation Account
In setting the record straight, the Presidency, in a statement, noted below are the facts the Nigerian public should know about how the Federation Account, how it is managed, and how money is shared among the three tiers of government in the West African country.
It explained that even as a one-off distribution, ₦250 billion to each of the 36 states amounts to ₦9.0 trillion, excluding the Federal Government, the FCT, and the 774 local councils.
Under the Federation Account Allocation Committee (FAAC) formula, states receive 26.72% of the distributable Federation Account revenue.
The government further said for the states’ share alone to reach ₦9 trillion, total NLNG dividends paid into the Federation Account would have to exceed ₦33.68 trillion (about $25 billion) in a single declaration.
It asserted that “NLNG has never paid $25 billion in dividends to the Federation Account in a single payout.”
NLNG and historical dividend context
According to the Presidency, 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 May 29, 2023.
The statement further noted that “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.”
Makinde should be mindful of his ‘false, unguarded statements and claims’
Onanuga also stated: “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.”
The Presidency said: “Indeed, he has turned false, unguarded statements and claims into an art form.
“He once described the huge financial flow from the Federation Account to states, including Oyo, as ‘voodoo’.”
The statement as well noted that under Nigerian law, Governor Makinde of Oyo State is free to pursue his Presidential ambition.
The Presidency, however, cautioned: “He should desist from making falsehoods and disinformation the hallmarks 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.”
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