Presidency dismisses Makinde's N250bn NLNG dividend claim as mathematically impossible
The Presidency has dismissed Oyo State Governor Seyi Makinde's allegation that the Federal Government is withholding N250 billion in NLNG dividends for each of Nigeria's 36 states, calling the claim false and inconsistent with NLNG's financial records. Special Adviser Bayo Onanuga stated in a Sunday October 18, 2026 release that distributing N250 billion to 36 states alone would require N9 trillion—excluding allocations to FG, FCT and local governments—making the claim financially implausible under FAAC revenue-sharing rules.
According to the Presidency, NLNG has paid approximately $21.5 billion in dividends to the Federation Account over 25 years, with less than $3 billion received since President Tinubu assumed office in May 2023. For states' share to reach N9 trillion, total NLNG dividends would need to exceed N33.68 trillion (about $25 billion) in a single payout—far beyond the company's cumulative payments. The Presidency emphasized NLNG has never paid $25 billion in dividends to the Federation Account in one declaration.
The controversy arose after Makinde, also the APM presidential candidate for 2027, questioned delayed NLNG payments during a University of Ibadan budget stakeholders' engagement on October 16, linking the allegation to infrastructure development priorities. While Nigeria flared 203.9 billion scf of gas in 2025 despite 92.4% utilization efficiency, the Presidency's rebuttal focuses on verifiable dividend figures rather than gas flaring statistics. Readers should note that states receive 26.72% of distributable Federation Account revenue via FAAC, meaning any NLNG dividends paid to Federation would follow this allocation—not direct state payments as claimed.
With the 2027 election approaching, does this clarification affect your assessment of candidates' economic claims, or do you seek further verification from NLNG's actual financial disclosures before forming conclusions on infrastructure funding debates?