Presidency debunks Makinde's N250bn NLNG dividend claim as false

The Presidency has dismissed Oyo State Governor Seyi Makinde’s claim that the Federal Government is withholding ₦250 billion in NLNG dividends for each state, labeling the allegation false and urging Nigerians to disregard it. According to a statement by Presidential Special Adviser on Information and Strategy Bayo Onanuga, the figure cited by Makinde is inconsistent with historical NLNG dividend payments to the Federation Account.

The Presidency explained that distributing ₦250 billion to each of Nigeria’s 36 states would total ₦9.0 trillion, requiring NLNG to pay over ₦33.68 trillion (about $25 billion) in a single payout—far exceeding the company’s lifetime dividend of approximately $21.5 billion over 25 years, with less than $3 billion realized since President Bola Ahmed Tinubu took office. Under the FAAC formula, states receive 26.72% of distributable revenue, making such a payout arithmetically impossible.

The statement urged Governor Makinde to be more measured in his public conduct, accusing him of turning false claims into a pattern since launching his presidential bid. The Presidency advised the public to rely on verifiable facts and disregard the unfounded allegation, which it said serves only to mislead citizens and stoke unnecessary disaffection against federal authorities.

SOURCE: https://dailypost.ng/2026/10/18/presidency-fires-back-at-makinde-over-nlng-dividends-claim/