Oyo State Governor Seyi Makinde has accused the Federal Government of withholding dividend proceeds from Nigeria LNG Limited (NLNG), claiming that each state is entitled to about ₦200 billion.
Makinde, the Allied Peoples Movement (APM) presidential candidate for the 2027 general election, made the allegation during a stakeholders’ engagement on Friday, October 16, 2026.
He alleged that the dividends had been paid into the Federation Account but spent by the Federal Government instead of being disbursed to the states.
According to Makinde, consultants had been engaged to reconcile the financial records and determine the amounts due to each state. He further claimed that governors were told the funds would not be transferred to their accounts until after the 2027 general election.
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The governor said states had already identified development projects to finance with the anticipated revenue. He questioned why the payments should be delayed until after the elections, arguing that development should take priority over political considerations.
The allegation comes amid earlier scrutiny of NLNG dividend remittances. In 2017, concerns were raised over billions of dollars in dividends received by the Nigerian National Petroleum Corporation on behalf of the Federal Government between 2000 and 2014 and whether the proceeds had been fully remitted to the Federation Account.
However, the earlier controversy does not establish the amounts currently due to state governments. Makinde’s claim of an entitlement of about ₦200 billion per state and the alleged post-election payment arrangement could not be independently verified.
The Federal Government’s response was not available at the time of filing.