Nigeria's Presidency has challenged a financial claim made by Oyo State Governor Seyi Makinde regarding funds from Nigeria Liquefied Natural Gas Limited. The governor, who leads the Allied Peoples Movement's 2027 presidential bid, alleged that the federal government is delaying a specific dividend allocation. In a statement released on Sunday, Bayo Onanuga, the president's information and strategy adviser, labelled the allegation as inaccurate. This response followed remarks Makinde delivered on Friday at a budget consultation event in Ibadan.
According to Punch and Premium Times, Makinde suggested that the central government had already consumed the dividend proceeds rather than distributing them to the 36 states. He argued that each state was owed a substantial sum, which he estimated at ₦250 billion. The governor questioned why the payment might be postponed until after the 2027 general elections, implying that political timing was prioritised over state-level development projects. Premium Times noted that Makinde claimed the reconciliation of these amounts had already been completed.
Nairametrics reported that the Presidency's rebuttal relies on the revenue-sharing rules of the Federation Account Allocation Committee. Under this framework, states receive 26.72% of distributable revenue. Onanuga explained that for the states' combined share to reach ₦9 trillion, the total NLNG dividend would need to surpass ₦33.68 trillion in a single declaration. The statement highlighted that this figure is roughly equivalent to $25 billion, a sum the gas company has rarely paid out in one go.
The administration further pointed to historical data to support its position. Nairametrics noted that NLNG has distributed approximately $21.5 billion to the Federation over the past 25 years. Since President Tinubu took office in May 2023, less than $3 billion has been realised. The Presidency argued that a single payout exceeding the company's cumulative historical distribution would be economically unusual. The dispute occurs against a backdrop of ongoing efforts to maximise revenue from Nigeria's natural gas reserves.