By Kingston Magare 18.10.2026
The President Bola Tinubu’s administration said Oyo State governor Seyi Makinde was lying when he claimed that the Federal Government is withholding a ₦250 billion fund in NLNG dividends for each state of the Federation.
Mr. Makinde who is the Allied Peoples Movement’s presidential candidate in the 2027 election had last Friday said that the Tinubu administration was holding back the funds accruing to the States.
“Each state was supposed to get ₦250 billion. We had already identified projects that would expand Oyo State’s economy. But they have now said the money will not be paid until after the election. Is the election more important than the people of Nigeria?” the governor said.
But according to a statement made by Bayo Onanuga President Tinubu’s adviser on information and strategy, Makinde’s claims are false.
“Here are the facts the public should know about how the Federation Account is managed and how money is shared among the three tiers of government. Even as a one-off distribution, ₦250 billion to each of the 36 states amounts to ₦9.0 trillion, excluding the Federal Government, the FCT, and the 774 local councils.
“Under the Federation Account Allocation Committee (FAAC) formula, states receive 26.72% of the distributable Federation Account revenue. For the states’ share alone to reach ₦9 trillion, total NLNG dividends paid into the Federation Account would have to exceed ₦33.68 trillion (about $25 billion) in a single declaration.
“NLNG has never paid $25 billion in dividends to the Federation Account in a single payout.
“NLNG has paid approximately $21.5 billion in dividends to the Federation over the last 25 years, with less than $3 billion realised since President Bola Ahmed Tinubu assumed office.”
But responding on Sunday to the President’s position Makinde insisted that the Federal government was quite aware of what he is talking about.
“We have read the Presidency’s response to Governor Seyi Makinde’s statement on the Federal Government’s withholding of NLNG dividends due to states and local governments,” said a statement made available by Makinde’s adviser on media Dr Sulaimon Olanrewaju.
“The response sidestepped the central issue: the Nigeria Governors’ Forum (NGF), with the Federal Government’s support, engaged a consultant to reconcile NLNG dividend payments. The exercise identified a shortfall of about ₦9 trillion due to states and local governments. The Federal Government accepted the findings.”