Nigerian presidential administration rejects Makinde’s claim on NLNG dividends — Premium Times Nigeria
Nigeria’s presidential administration has rejected Oyo State Governor Seyi Makinde’s claim that the federal government is allegedly withholding 250 billion naira in Nigeria Liquefied Natural Gas Limited (NLNG) dividends intended for each of the country’s 36 states. Bayo Onanuga, President Bola Tinubu’s adviser on information and strategy, called the claims false, Premium Times Nigeria reports.
Arguments of the presidential administration
Onanuga said that a one-time payment of 250 billion naira to each state would amount to a total of 9 trillion naira for the states alone. The federal government, the Federal Capital Territory and 774 local government areas are not included in this calculation.
Under the revenue-sharing formula of the Federation Account Allocation Committee (FAAC), states receive 26.72% of distributable Federation Account revenue. According to the presidential administration’s calculations, for the states’ share to reach 9 trillion naira, NLNG would have had to make a one-time transfer of more than 33.68 trillion naira to the Federation Account — approximately $25 billion. Onanuga said the company had never made such a one-time payment.
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Oyo governor’s statement
Makinde made the allegation during consultations with stakeholders on the 2027 budget in Ibadan. He claimed that NLNG had transferred dividends to the federal government, the funds had entered the Federation Account, but they were spent instead of being distributed among the states.
The governor said the amounts due to the states had already been reconciled and that each of them was entitled to more than 250 billion naira. He also claimed that the payment had been postponed until after the 2027 general elections. According to Onanuga, over the past 25 years NLNG has paid the Federation approximately $21.5 billion in dividends, of which less than $3 billion relates to the period after Tinubu assumed office as president.
