Ogun State IGR surges to ₦240bn amid ₦494bn debt profile
The debt profile of Ogun State has reached approximately ₦494 billion, the Commissioner for Finance and Chief Economic Adviser to Governor Dapo Abiodun, Mr. Dapo Okubadejo, has revealed. The figure includes ₦194 billion in local debt and ₦300 billion in foreign debt, a sharp rise from ₦133 billion and ₦33 billion respectively in 2019.
Okubadejo attributed the surge in foreign debt largely to the devaluation of the naira, which has fallen from ₦330 to around ₦1,400–₦1,500 to the dollar since 2019. Despite the increase, he emphasised that the borrowings were used judiciously to finance the state’s infrastructural development.
“The local debt rose from ₦133 billion in 2019 to ₦194 billion in 2025, reflecting fiscal discipline and effective debt management. The foreign debt increase is due to exchange rate changes, not additional borrowing,” Okubadejo explained during the 2026 budget media briefing at Olusegun Osoba Press Centre, Abeokuta.
The commissioner highlighted that Ogun State’s Internally Generated Revenue (IGR) has grown significantly, from about ₦50 billion in 2019 to over ₦240 billion in 2025, with a projected ₦512 billion for 2026. The state’s economy has also expanded from ₦3.5 trillion in 2019 to nearly ₦19 trillion this year.
Okubadejo credited the economic growth to deliberate policies by the Abiodun administration, including improved security, infrastructure development, efficient land administration, and business-friendly reforms. He noted that these initiatives have attracted investors and enhanced the ease of doing business in the state.
The commissioner also disclosed that the state has cleared pension and gratuity arrears for retirees between 2012 and 2020. Annual pension payments rose from ₦6.7 billion in 2019 to ₦20 billion in 2025, with projections of ₦40 billion by 2029. Outstanding gratuities for local government retirees have also been settled in part, with continued efforts to clear remaining balances.
Okubadejo highlighted the recently approved Additional Pension Benefits (APB) as the first of its kind in Nigeria, adding that amendments to the state’s pension law would formalise the scheme. Meanwhile, over 300 workers who retired in July 2025 are receiving six-month palliatives pending completion of pension documentation.
Other officials, including the Commissioner for Budget and Planning, Olaolu Olabimtan, highlighted achievements across sectors such as road construction, healthcare, rail extension, education, and housing. Olabimtan said the 2026 budget of ₦1.668 trillion, up from ₦1.054 trillion in 2025, reflects strong fiscal reforms and continued financial stability.
