Oyo State Governor Seyi Makinde has reaffirmed his claims that states and local governments are owed outstanding dividends from Nigeria LNG Limited (NLNG), demanding greater transparency from the Federal Government over how the funds were distributed.
The controversy followed the Presidency’s rejection of Makinde’s allegation that ₦250 billion meant for each state was being withheld until after the 2027 general elections.
Presidential spokesman Bayo Onanuga described the claim as false, arguing that allocating ₦250 billion to each of Nigeria’s 36 states would amount to ₦9 trillion, excluding the Federal Government, the Federal Capital Territory and local governments.
According to the Presidency, states receive 26.72 per cent of distributable Federation Account revenue, while NLNG has paid approximately $21.5 billion in dividends to the Federation over the past 25 years.
However, Makinde, through his media adviser, Sulaimon Olanrewaju, insisted that the Presidency had failed to address the central issue: how the dividends received were shared among the three tiers of government.
The governor’s camp claimed that a reconciliation exercise commissioned by the Nigeria Governors’ Forum, with the Federal Government’s support, identified an alleged ₦9 trillion shortfall owed to states and local governments. It added that the report remained in the custody of both parties.
Makinde’s camp challenged the Federal Government to explain how much was received, how the funds were distributed and what happened to the approximately $3 billion in NLNG dividends reportedly realised under the Tinubu administration.
The Presidency has maintained that the claim of a ₦250 billion dividend payment for every state is inconsistent with NLNG’s historical dividend records.
The dispute has intensified calls for a clearer account of NLNG dividend receipts and the distribution of revenue among Nigeria’s federal, state and local governments.
