IBADAN, NIGERIA — Oyo State Governor Seyi Makinde has countered the Presidency’s recent statements regarding the Nigeria Liquefied Natural Gas (NLNG) dividend allocation, demanding a clear accounting of how nearly $3 billion in dividends received under the current administration was disbursed to states and local governments.
The fresh dispute follows allegations by Makinde that the Federal Government was holding back an estimated N9 trillion shortfall—amounting to approximately N250 billion per state—in accrued NLNG dividends until after the 2027 general elections.
In response, Special Adviser to the President on Information and Strategy, Bayo Onanuga, dismissed Makinde’s figures as mathematically inaccurate, stating that NLNG has paid about $21.5 billion in total dividends over 25 years, with less than $3 billion received under President Bola Tinubu’s administration.
Addressing the Presidency’s dismissal through his office, Makinde argued that the federal government side-stepped the fundamental question of fund distribution. He noted that a joint reconciliation exercise involving the Federal Government and the Nigeria Governors’ Forum (NGF) formally established the N9 trillion shortfall owed to lower tiers of government.
”The Presidency’s statement completely failed to clarify how the funds received were actually shared,” Makinde stated. “Have the states and local government councils received their legitimate allocations? What exact amounts were disbursed, and what mathematical formula was applied to arrive at those payouts?”
The Oyo State Governor maintained that his assertions are grounded in documented reconciliation records and expressed readiness to present further technical proof to ensure transparency in federal revenue sharing.
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