₦250bn Per State? Presidency Challenges Makinde’s Claim Over NLNG Dividends

Orion Reports

The dispute between Oyo State Governor Seyi Makinde and the Presidency over alleged unpaid Nigeria LNG dividends has raised fresh questions about public revenue, transparency and the financial relationship between the Federal Government and the states.

Makinde alleged that each state was expected to receive more than ₦250 billion from NLNG dividend proceeds but claimed that the money would not be released until after the 2027 general elections.

The governor made the allegation at the 2027 Budget Stakeholders’ Consultative Engagement in Ibadan, where he questioned why political considerations should delay funds he said could support development projects in Oyo State.

According to Makinde, his administration had already identified projects that could expand the state’s economy. He alleged that the dividend proceeds had entered the Federation Account but had been spent rather than distributed as expected.

The Presidency has strongly rejected the claim.

In a statement issued on Sunday, October 18, President Bola Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, described Makinde’s allegation as false and argued that the figures did not correspond with NLNG’s dividend history or Nigeria’s revenue sharing arrangement.

Onanuga said distributing ₦250 billion to each of the country’s 36 states would amount to ₦9 trillion, excluding the Federal Government, the Federal Capital Territory and local governments.

He explained that states receive 26.72 per cent of distributable Federation Account revenue under the applicable sharing formula. For the states’ collective share to reach ₦9 trillion, he argued, NLNG would have needed to pay more than ₦33.68 trillion in dividends in a single declaration.

The Presidency further stated that NLNG had paid approximately $21.5 billion in dividends to the Federation over 25 years, with less than $3 billion realised since Tinubu assumed office.

Onanuga maintained that these figures made Makinde’s claim implausible and accused the governor of making misleading statements while pursuing his presidential ambition.

However, the central issue now extends beyond the exchange of political accusations: what specific dividend proceeds are being discussed, how were they reconciled, and what amount, if any, remains outstanding to the states?

Premium Times reported that the Presidency’s response did not provide a transaction by transaction reconciliation of the specific proceeds cited by Makinde or a breakdown of amounts allegedly due to individual states.

That distinction matters. The Presidency has challenged the financial basis of the governor’s claim, but the public deserves enough verifiable information to understand precisely which funds are under discussion and how the competing figures were calculated.

If Makinde’s figures are incorrect, a clear reconciliation would help establish why. If there are identifiable outstanding funds, the relevant authorities should explain their status and the applicable distribution arrangements.

For Nigerians, the issue is not simply which political figure wins an argument. It is whether public revenue is accounted for accurately, whether claims made by public officials can withstand scrutiny, and whether disagreements over government finances can be resolved through evidence rather than political exchanges.

With the 2027 elections approaching, the dispute is also likely to attract political interpretations. That makes factual clarification even more important.

The question is simple: can the relevant authorities publish enough financial details to settle the dispute conclusively?

Orion Reports will continue to follow the issue as further verifiable information emerges.