Presidency Rejects Makinde's NLNG Dividend Claims

The Presidency dismissed Governor Seyi Makinde's assertion that the federal government is withholding N250 billion in Nigeria LNG Ltd (NLNG) dividends from each state until after the 2027 general elections. In a statement issued in Abuja, Presidential spokesperson Bayo Onanuga described the allegation as false, noting that distributing N250 billion to each of the 36 states would total N9 trillion, a figure that does not account for the federal government, the Federal Capital Territory, or local government areas.

Makinde made his claims during the 2027 Budget Stakeholders’ Consultative Engagement at the University of Ibadan, questioning the prioritization of elections over the welfare of Nigerians. Onanuga clarified that the states' share of distributable Federation Account revenue is 26.72 percent and that NLNG has never paid $25 billion in dividends in a single payout.

He stated that NLNG has contributed approximately $21.5 billion in dividends over 25 years, with less than $3 billion since President Bola Tinubu took office.