The dispute over Nigeria LNG dividend payments has intensified as Oyo State Governor Seyi Makinde demands a detailed explanation of funds allegedly owed to states and local governments.
Makinde renewed his demand on Tuesday, October 20, 2026, during a political gathering in Uyo, Akwa Ibom State.
The governor had earlier accused the Federal Government of withholding approximately ₦250 billion in dividend payments allegedly due to each state.
However, the Presidency rejected the allegation, describing the figures as inaccurate.
Makinde has maintained his position, insisting that the central issue is how the dividend payments were distributed.
What Is the ₦250bn NLNG Dispute About?
Nigeria LNG Limited generates revenue from the production and sale of liquefied natural gas.
As a shareholder, the Nigerian government receives dividends from the company.
Makinde argues that dividend proceeds paid into the Federation Account should be distributed in accordance with constitutional revenue-sharing arrangements.
He alleges that significant amounts due to state and local governments have not been properly distributed.
The Oyo State Government claims that a reconciliation exercise identified a shortfall of approximately ₦9 trillion.
However, the underlying reconciliation report and a complete transaction-by-transaction breakdown have not been made publicly available in the reporting reviewed.
What Is the Presidency Saying?
The Presidency has denied withholding the alleged ₦250 billion per state.
Presidential spokesman Bayo Onanuga argued that a single payment of ₦250 billion to each of Nigeria’s 36 states would total ₦9 trillion.
He said this would require dividend payments significantly higher than those historically received from NLNG.
According to the Presidency, the company paid approximately $21.5 billion in dividends to the Federation over 25 years.
The Federal Government maintains that Makinde’s original claim does not reflect the actual dividend figures.
What Is Makinde Asking the Government to Explain?
Makinde has clarified that his allegation concerns accumulated payments over several years rather than a single dividend distribution.
He wants the Federal Government to publish the actual amounts received and the portions distributed to states and local governments.
The governor also questioned how dividend proceeds received during the current administration were shared.
The central unresolved issue is whether the publicly available financial records support either side’s account of the alleged shortfall.
A detailed reconciliation showing amounts received, allocation dates and payments to the three tiers of government would help establish the facts.
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