Presidency Challenges Makinde Over ₦250bn NLNG Dividend Claim

The disagreement followed Makinde’s remarks at the 2027 Budget Stakeholders’ Consultative Engagement in Ibadan, where the Oyo State governor alleged that the Federal Government had delayed the release of the funds until after the 2027 elections. He said his administration had already identified projects to be financed with the expected allocation.

The President’s Special Adviser on Information and Strategy, Bayo Onanuga, dismissed the allegation, citing the scale of the proposed payout and the established revenue sharing arrangement among the tiers of government.

Onanuga explained that states receive 26.72 per cent of distributable Federation Account revenue under the FAAC formula. According to him, generating ₦9 trillion for the states would require more than ₦33.68 trillion, approximately $25 billion, in a single NLNG dividend declaration.

The Presidency also put NLNG’s total dividend payments to the Federation over the past 25 years at about $21.5 billion, with less than $3 billion realised since President Bola Tinubu took office. It argued that these figures undermine Makinde’s claim of a withheld payout on the scale alleged.

Beyond the financial dispute, Onanuga accused the governor of using misleading statements in pursuit of his presidential ambition and urged him to support his claims with verifiable evidence.

The Presidency called on Nigerians to disregard the allegation, warning that it could fuel public distrust and unnecessary tension over the management of Federation Account revenues.