# Presidency disputes Makinde’s N250 billion NLNG dividend claim

> Presidency calls Makinde’s N250 billion NLNG dividend claim false.
- Title: Presidency disputes Makinde’s N250 billion NLNG dividend claim
- Summary: Presidency calls Makinde’s N250 billion NLNG dividend claim false. Presidency says Oyo State Governor Makinde’s claim that federal government withheld N250…
- Keywords: presidency, makinde, n250 billion, nlng, dividends, federal government, oyo state, bola tinubu, federation account allocation committee, faac, nigeria, news
- Source: Premium Times Nigeria — https://premiumtimesng.com/regional/ssouth-west/918137-presidency-disputes-makindes-claim-of-n250-billion-nlng-dividends-per-state.html
- Author: Abubakar Abdulrasheed
- Published: 2026-10-18T20:38:32+00:00
- Read time: 2 min
- Topics: presidency, makinde, n250 billion, nlng, dividends, federal government, oyo state, bola tinubu, federation account allocation committee, faac, nigeria, news
## Presidency disputes Makinde’s claim
Presidency dismissed Oyo State Governor Seyi Makinde’s claim that federal government withheld N250 billion NLNG dividends per state as false.
## Presidency’s financial argument
Special adviser Bayo Onanuga said N250 billion per state would total N9 trillion, exceeding NLNG’s historical payments of $21.5 billion.
## NLNG dividend math
Under FAAC formula, states receive 26.72 per cent of distributable Federation Account revenue; N9 trillion requires N33.68 trillion in NLNG dividends.
## Presidency’s claim
NLNG has never paid $25 billion in dividends to Federation Account in a single payout, so Makinde’s claim is false.
## Makinde’s claim
Makinde alleged federal government spent NLNG dividends instead of distributing to states, saying each state should get more than N250 billion.
## Makinde’s election concern
Makinde, presidential candidate for 2027 elections, claimed funds would be withheld until after election, questioning why political considerations should take precedence.
## Presidency’s response
Presidency stated NLNG has paid approximately $21.5 billion to Federation over 25 years, with less than $3 billion since Tinubu took office.
## Presidency’s logic
Any claim that single payout exceeds NLNG’s entire lifetime distribution to Federation defies economic reality, so Makinde’s claim is false.
## Makinde’s statement
Makinde said NLNG paid dividends to federal government, which went straight into Federation Account, but funds were spent on state projects.
## Presidency’s warning
Presidency urged public to disregard Makinde’s claim, saying it is inconsistent with revenue-sharing formula and NLNG dividend history.
## Makinde’s project claim
Makinde stated Oyo State had identified projects to expand economy using funds that should have been received.
## Presidency’s timeline
Presidency’s statement did not provide transaction-by-transaction reconciliation of specific NLNG dividend proceeds referenced by Makinde.
## Makinde’s election context
Makinde is presidential candidate for 2027 elections, questioning why political considerations should take precedence over citizen needs.
## Presidency’s conclusion
Presidency dismissed Makinde’s claim as false, urging public to disregard it and follow FAAC revenue-sharing formula.
## Key takeaway

Presidency says Oyo State Governor Makinde’s claim that federal government withheld N250 billion NLNG dividends per state is false.