Nigeria’s presidency rejected Governor Seyi Makinde’s claim that each state was owed more than 250 billion naira in withheld Nigeria LNG dividends. Presidential adviser Bayo Onanuga disputed the arithmetic using the revenue-sharing formula and past payments. Makinde said the proceeds had been reconciled and delayed; the presidency’s response did not provide a transaction-level reconciliation of the disputed proceeds.
Nigeria’s presidency rejected Oyo state governor Seyi Makinde’s allegation that the federal government was withholding 250 billion naira in Nigeria Liquefied Natural Gas dividends for each state. Presidential adviser Bayo Onanuga issued the response on Sunday. Nigeria Liquefied Natural Gas Limited, known as NLNG, is the country’s liquefied natural gas company.[1], [2]
Onanuga argued that paying 250 billion naira to each of 36 states required 9 trillion naira for states alone. He cited the Federation Account Allocation Committee, the body overseeing the distribution of shared public revenue, and a 26.72 per cent state share. On that basis, he said total dividends would have to exceed 33.68 trillion naira, or about 25 billion dollars, in one declaration.[1]
The presidency put dividends paid to the Federation over 25 years at about 21.5 billion dollars, with less than 3 billion dollars received since President Bola Tinubu took office. Those historical amounts and the calculation supporting the rejection are the presidency’s account.[1]
Makinde made his allegation on Friday at a budget consultation in Ibadan, where Oyo’s state government was discussing its budget. He said the figures had been reconciled, each state was due more than 250 billion naira and payment had been delayed until after the 2027 elections. Oyo had identified projects for the proceeds, he said. The presidency’s response did not include a transaction-by-transaction reconciliation or state-by-state breakdown.[1]
