FG denies withholding N250bn NLNG dividends due to states – presidency

FG denies withholding N250bn NLNG dividends due to states – presidency

Abuja, Oct. 2026 – The federal government has denied claims by Seyi Makinde, the Oyo State governor and Presidential Candidate of the Allied Peoples Movement (APM), that it is withholding N250 billion in Nige­ria Liquefied Natural Gas (NLNG) dividends due to each state.

The presidency denied the claims in a statement on Sunday, de­scribing the allegations as mis­leading and capable of creating unnecessary public disaffection against federal authorities.

It confirmed that the NLNG has paid approxi­mately $21.5 billion in dividends to the federation over the last 25 years, but said that less than $3 billion had been realised since President Bola Tinubu assumed office as president.

According to the statement signed by Bayo Onanuga, the Special Adviser to the President on Information and Strategy, Makinde’s claims are false as his figures were inconsistent with established revenue-sharing ar­rangements and NLNG’s histor­ical dividend payments.

He urged discerning Nigeri­ans to ignore and disregard the allegation.

“Recall that at the 2027 Budget Stakeholders’ Consultative En­gagement held at the Olola Ogun­lana Hall, International Confer­ence Centre, University of Ibadan, on Friday, Makinde claimed the funds would not be released until after the 2027 elections.

“He further claimed that the Federal Govern­ment had spent the money,” the statement said. .

The presidency said Makinde’s latest claim that the federal government is withhold­ing the NLNG dividend windfall is false and should be disregarded.

“Here are the facts the public should know about how the Fed­eration Account is managed and how money is shared among the three tiers of government. Even as a one-off distribution, N250 billion to each of the 36 states amounts to N9.0 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. For the states’ share alone to reach N9 trillion, total NLNG dividends paid into the Federation Account would have to exceed N33.68 tril­lion (about $25 billion) in a single declaration.

“NLNG has never paid $25 billion in dividends to the Federation Ac­count in a single payout.

“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.

“Therefore, 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.

“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. Indeed, he has turned false, unguarded statements and claims into an art form,” the statement said.

The presidency said under Nigerian law, Makinde is free to pursue his presidential ambition. 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,” the presidency said.