Despite N494bn debt, Ogun projects N2trn IGR by 2028

Ogun State’s local and foreign debt profile has risen to N494 billion, the Economic Adviser and Commissioner for Finance, Dapo Okubadejo, revealed yesterday. This is just as the government announced a N2 trillion Internally Generated Revenue (IGR) projection for 2026, 2027 and 2028. Speaking at the 2026 budget breakdown/media parley in Abeokuta on Tuesday, Okubadejo […]

Ogun State’s local and foreign debt profile has risen to N494 billion, the Economic Adviser and Commissioner for Finance, Dapo Okubadejo, revealed yesterday.
This is just as the government announced a N2 trillion Internally Generated Revenue (IGR) projection for 2026, 2027 and 2028.
Speaking at the 2026 budget breakdown/media parley in Abeokuta on Tuesday, Okubadejo blamed the increase in the debt profile on the devaluation of the naira.
He said, “As of December 2025, the local debt was N194 billion, thereabout. And when you look at that, with the level of infrastructure that we have executed, also taking note of the fact that the debt as of 2019 was N133 billion, compared to N194 billion by December 2025, that’s the total local debt.
“And of course, if you look at the foreign debt, the foreign debt is N300 billion. And many of you know why the foreign debt is what it is. There has been a devaluation of the naira from N330 to $1 in 2019, thereabout, to what we have now, which is N1,500 or N1,400 to $1.”

 

The Commissioner said the state’s budget had risen astronomically from about N350 billion in 2019, when Governor Dapo Abiodun came into power, to the current 2026 budget of N1.668 trillion.

 

He added that IGR grew from N50 billion in 2019 to N240 billion in 2025, with projections of N512 billion this year.

 

According to him, the increase is an indication of the economic performance in the state.

 

Okubadejo said security, ease of doing business, improved process of land acquisition and issuance of titled documents, infrastructural development, among others, led to the increase in the state’s IGR.

 

He said, “Ogun’s economy is on a positive trend due to the conducive environment, ease of doing business, security enjoyed in the state, and the reforms of this administration in land acquisition. We have improved the processes for titled documents through OLAMS and the digitalisation of processes and payment for land acquisition.

 

“We also changed the format of the Certificate of Occupancy (C of O) and improved our business registration process, especially through the creation of the Ogun State Investment Promotion and Facilitation Agency, Business Environment Council and billing system.”

 

The Commissioner for Budget and Planning, Olaolu Olabimtan, revealed that the state’s IGR projection is over N2 trillion in the next three years.

 

Olabimtan put the IGR projection at N506.88 billion for 2026, N612 billion for 2027 and N896.44 billion for 2028.

 

He added that the 2026 budget reflects strong fiscal reforms, noting an 85 per cent budget execution rate in 2024 and sustained financial stability.