The Ogun State Commissioner for Finance and Chief Economic Adviser, Dapo Okubadejo, disclosed on Tuesday that the state’s total debt currently stands at about N494 billion.
He noted that local debt rose from N133 billion in 2019 to N194 billion by December 2025, while foreign debt increased sharply from N33 billion to N300 billion over the same period. The rise in foreign debt, he explained, is largely due to the devaluation of the naira, which now trades between N1,400 and N1,500 per dollar compared to N330 in 2019.
Okubadejo highlighted the state’s Internally Generated Revenue (IGR), which has grown from around N50 billion in 2020 to over N240 billion in 2025, with a projection of N512 billion for 2026. He emphasized that debt has been managed responsibly, financing infrastructural development, hedging against inflation, and supporting overall development.
Speaking at a 2026 budget briefing in Abeokuta, Okubadejo revealed that the 2026 budget has increased from N1.054 trillion in 2025 to N1.668 trillion, while Ogun’s economy expanded from N3.5 trillion in 2019 to a projected N18.96 trillion in 2026. He attributed this growth to initiatives improving security, land acquisition processes, and infrastructure development.
The commissioner also reported significant progress on pensions and gratuities. Arrears for retirees from 2012 to 2020 have been cleared, with annual pension payments rising from N6.7 billion in 2019 to N20 billion in 2025, projected to reach N40 billion by 2029. Gratuities totaling N23.3 billion have been paid, alongside N32.8 billion in outstanding local government gratuities inherited by the administration. Over 300 recently retired workers are receiving six-month palliatives pending completion of documentation.
Okubadejo described the newly approved Additional Pension Benefits as the first of its kind in Nigeria, which will be formally integrated into the state’s pension law.
The Commissioner for Budget and Planning, Olaolu Olabimtan, noted that the 2026 budget reflects strong fiscal reforms, highlighting an 85% budget execution rate in 2024. Other commissioners cited achievements across road construction, healthcare, rail extensions, education support programs, and expanded housing projects across Ogun State.
