NLNG DIVIDENDS: PRESIDENCY AND MAKINDE CLASH OVER BILLIONS, RAISING QUESTIONS ABOUT REVENUE ACCOUNTABILITY

By NaijaParrot | October 30, 2026 

Abuja, Nigeria 

 A disagreement has emerged between the Presidency and Oyo State Governor, Seyi Makinde, over the distribution of dividends paid by Nigeria Liquefied Natural Gas Limited (NLNG), with both sides presenting different positions on the amount allegedly due to states and local governments.

The controversy centres on Makinde’s claim that states are entitled to substantial allocations from NLNG dividend payments made into the Federation Account, which he alleges have not been properly distributed.

 Governor Makinde has maintained that his concerns are not based on a single dividend payment but on the cumulative payments made by NLNG over the years. The governor challenged the Federal Government to provide a detailed account of the funds received, how they were distributed and the amounts that accrued to the three tiers of government.  

According to the Oyo State Government, a reconciliation exercise reportedly conducted with the involvement of the Nigeria Governors’ Forum identified an alleged shortfall of about ₦9 trillion owed to states and local governments. Makinde’s administration has also questioned what happened to the nearly $3 billion in NLNG dividends reportedly received since President Bola Tinubu assumed office in May 2023. 

 The Presidency, through the Special Adviser to the President on Information and Strategy, Bayo Onanuga, dismissed Makinde’s initial claim that each of the 36 states was being denied ₦250 billion in a single dividend distribution. Onanuga argued that the figure would amount to ₦9 trillion for the states alone, excluding the Federal Government, the Federal Capital Territory and the 774 local government areas. 

 He explained that states receive 26.72 per cent of distributable Federation Account revenue under the revenue-sharing formula cited by the Presidency. The presidential aide further stated that NLNG had paid approximately $21.5 billion in dividends to the Federation over 25 years, with less than $3 billion realised since the current administration came into office. 

 The Presidency therefore argued that the suggestion of a single dividend payout capable of generating ₦250 billion for every state was inconsistent with the company’s historical payment records. 

 However, Makinde’s subsequent clarification shifted attention to the cumulative distribution of NLNG dividends rather than a single payment. The governor insisted that the Federal Government should disclose the actual amounts received and explain how the respective shares of states and local governments were calculated and released. 

 The dispute therefore raises important questions about public revenue management, particularly the documentation of dividend payments, the application of the Federation Account allocation formula and the transparency of transfers to the different levels of government. 

 A comprehensive reconciliation of NLNG dividend receipts and their subsequent distribution could help establish whether any outstanding allocations exist and clarify the competing figures being presented by both sides. 

 For now, the Presidency maintains that Makinde’s initial figures are misleading, while the Oyo State Government insists that its demand for a detailed financial breakdown remains unanswered. 

 Beyond political exchanges, Nigerians deserve clarity on how public revenue is received, shared and accounted for. 

 NaijaParrot News 🦜 

 Your News, Your Voice! | Hear It First, Hear It True!