Ogun Debt Hits N494bn, IGR Rises Above N240bn

The Ogun State Commissioner for Finance and Chief {Economic} Adviser to the Governor, Dapo Okubadejo, on Tuesday stated the state’s debt profile at present stands at about N494bn.

Okubadejo famous that whereas native debt rose from N133bn in 2019 to N194bn as of December 2025, overseas debt elevated from N33bn in 2019 to N300bn.

He attributed the sharp rise in overseas debt to the devaluation of the naira, explaining {that a} greenback, which exchanged for N330 in 2019, now trades between N1,400 and N1,500.

The commissioner additionally highlighted the state’s Internally Generated Income, which elevated from round N50bn in 2020 to over N240bn in 2025, with a projected N512bn for 2026.

Talking on the 2026 funds media briefing held at Olusegun Osoba Press Centre, Governor’s Workplace, Oke Mosan, Abeokuta, Okubadejo stated the federal government had effectively managed debt, utilizing borrowings to finance infrastructural improvement.

He defined: “As of December 2025, the native debt was N194bn.

While you examine that with the N133bn in 2019, you will note that we now have exhibited fiscal self-discipline.

“And the overseas debt is N300bn as a consequence of devaluation. What was $100m in 2019, about N33bn, is now nearly N150bn, even with out taking a dime.”

He added, “Crucial consideration with debt is not only its quantum however whether or not it’s inside fiscal accountability tips, which we now have not breached.

“The debt has been used to fund infrastructure, hedge in opposition to inflation, and help improvement at no matter rate of interest, round 20 per cent.”

Okubadejo additional disclosed that the 2026 funds elevated from N1.054tn in 2025 to N1.668tn, whereas Ogun’s financial system expanded from N3.5tn in 2019 to a projected N18.96tn in 2026.

He attributed the {economic} progress to deliberate efforts by the administration to make sure a conducive enterprise surroundings by means of improved safety, streamlined land acquisition, and sturdy infrastructure improvement.

The commissioner additionally introduced that the state had cleared pension and gratuity arrears for retirees from 2012 to 2020, with annual pension funds rising from N6.7bn in 2019 to N20bn in 2025, projected to succeed in N40bn by 2029.

He famous that N23.3bn had been paid in gratuities protecting retirees from 2012 to 2020, alongside N32.8bn in excellent gratuities for native authorities retirees inherited by the administration.

“Over 300 staff who retired in July 2025 are at present receiving six-month palliatives pending completion of their pension documentation,” Okubadejo stated.

He additionally described the newly permitted Further Pension Advantages as the primary of its form in Nigeria, including that amendments to the state’s pension legislation would formally combine the scheme.

The Commissioner for Price range and Planning, Olaolu Olabimtan, stated the 2026 funds mirrored robust fiscal reforms, noting an 85 per cent funds execution charge in 2024 and sustained {financial} stability.

Different commissioners highlighted sectoral achievements, together with in depth highway building, elevated healthcare funding, rail extension plans, schooling help programmes, and expanded housing tasks throughout the state.