Ogun’s debt rises, IGR and budget projections hit new highs
The Ogun State Commissioner for Finance, Dapo Okubadejo, has revealed that the state’s debt profile has reached about N494bn. He explained that both local and foreign debts have increased, largely due to naira devaluation. Ogun’s Internally Generated Revenue has also seen significant growth, with projections for further increases. The state government says the borrowings are being used for infrastructure and economic development.
What we know
- Dapo Okubadejo said the state’s debt profile stands at about N494bn.
- Local debt rose from N133bn in 2019 to N194bn as of December 2025; foreign debt increased from N33bn in 2019 to N300bn.
- Internally Generated Revenue grew from around N50bn in 2020 to over N240bn in 2025, with a projected N512bn for 2026.
- The 2026 budget increased from N1.054tn in 2025 to N1.668tn, with Ogun’s economy projected to expand from N3.5tn in 2019 to N18.96tn in 2026.
- The state cleared pension and gratuity arrears for retirees from 2012 to 2020, and annual pension payments rose from N6.7bn in 2019 to N20bn in 2025, projected to reach N40bn by 2029.
