Presidency Dismisses Governor Makinde’s N250 Billion NLNG Dividend Claim

The Nigerian presidency has officially refuted assertions made by Oyo State Governor Seyi Makinde concerning the distribution of Nigeria LNG (NLNG) dividends, describing his figures as completely false, according to a report by Premium Times Nigeria.

The dispute centers on Governor Makinde’s public statement alleging that states were slated to receive or had claim to roughly 250 billion naira each from NLNG dividend earnings. The presidency swiftly countered the claim, dismissing the governor’s figures as inaccurate and baseless.

The Core of the Dispute

While the initial reporting from Premium Times Nigeria highlighted the categorical denial from the presidency, detailed technical documentation and specific rejoinders outlining the alternative figures from both parties were not immediately published in the report. Nonetheless, the clash reflects a sharp public disagreement between a prominent sub-national leader and the federal executive over the scale and mechanics of state revenue allocations.

Governors across Nigeria frequently scrutinize federal earnings, particularly from significant revenue-generating entities such as the Nigerian National Petroleum Company Limited and joint ventures like NLNG. However, the federal government maintains that assertions regarding distribution totals must adhere strictly to verified statutory transfers managed through constitutional fiscal channels.

Understanding NLNG Dividends and Federation Accounts

Nigeria LNG Limited operates as a major liquefied natural gas production entity, jointly owned by the federal government—represented by NNPC Limited—and international energy corporations including Shell, TotalEnergies, and Eni. Over the decades, NLNG has been one of the country’s most reliable revenue earners, regularly remitting taxes, feedgas payments, and substantial dividends.

Under Nigeria’s constitutional revenue-sharing formula, federal earnings, including state-owed equity yields from joint ventures, are generally remitted into the Federation Account. These revenues are subsequently reviewed and shared each month by the Federation Account Allocation Committee (FAAC) among the federal government, the 36 state governments, and the 774 local government councils. A claim that individual states would each receive N250 billion from a single dividend tranche represents an exceptionally high fiscal figure that would dwarf standard monthly statutory allocations.

Fiscal Scrutiny in a Challenging Economy

Public clashes over financial figures occur at a time when sub-national transparency and federal transfers face intense public scrutiny across Nigeria. Economic pressures, currency volatility, and inflation have heightened calls from citizens and public officials alike for clear accounting of all government income streams.

Neither the detailed text of Governor Makinde’s initial remarks nor a comprehensive statistical breakdown from the presidency was elaborated upon in the initial coverage. As public discussions continue, observers and financial analysts will be looking for formal clarifications from the Ministry of Finance and FAAC to shed further light on the actual dividend yields remitted by NLNG to the federation.

<

p class=”vbna-source-note”>Source: Premium Times Nigeria

Tags: Economy · news · Nigeria · NLNG · Presidency · Revenue Allocation · Seyi Makinde · ViralBrief