Presidency Accuses Makinde Of Lying Over Impossible N9 Trillion NLNG Windfall Claim
The Presidency has strongly denied allegations made by Oyo State Governor, Seyi Makinde, that the Federal Government is deliberately withholding a massive ₦250 billion Nigerian Liquefied Natural Gas (NLNG) dividend payout from each state until after the 2027 general elections.
In a fierce rebuttal issued on Sunday, October 18, 2026, Bayo Onanuga, the Special Adviser to the President on Information and Strategy, described the governor’s claims as “false, unguarded,” and an attempt to use disinformation to drive his budding 2027 presidential campaign.
The Economic Reality
The Presidency broke down the mathematical impossibility of Governor Makinde’s claims, stating that the figures defy basic economic logic:
• The Total Sum: Distributing ₦250 billion to all 36 states would total ₦9.0 trillion. This figure completely excludes allocations for thefederal governmentt, the FCT, and the 774 local government areas.
• The FAAC Formula: Under the Federation Account Allocation Committee framework, states only receive 26.72% of distributable revenue.
• The $25 Billion Catch: For states to get ₦9 trillion, the total NLNG dividend paid into the Federation Account in a single payout would have to exceed ₦33.68 trillion (approximately $25 billion).
Historical Context
To put the figures into perspective, the Presidency noted that the NLNG has never generated that amount of revenue for a single payout. Over its entire 25-year history, the NLNG has paid a total of $21.5 billion in dividends to Nigeria.
Out of that historical sum, less than $3 billion has been realized since President Bola Ahmed Tinubu assumed office in 2023.
The Presidency noted that claiming a single withheld payout exceeds the company’s lifetime distribution is completely groundless.
Political Motivations
The statement tied Makinde’s recent outbursts directly to his future political aspirations, urging him to run a campaign based on verifiable facts rather than political theatre.
“Under Nigerian law, Governor Makinde is free to pursue his presidential ambition,” Onanuga said. “He should desist from making falsehoods and disinformation the hallmarks of his campaign.”
The Federal Government concluded by urging the Nigerian public to completely disregard the allegations, warning that they were engineered purely to stir up unnecessary animosity against federal authorities.
