The Ogun State Commissioner for Finance and Chief Economic Adviser to the Governor, Dapo Okubadejo, on Tuesday mentioned the state’s debt profile at the moment 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 Revenue, which elevated from round N50bn in 2020 to over N240bn in 2025, with a projected N512bn for 2026.
Speaking on the 2026 funds media briefing held at Olusegun Osoba Press Centre, Governor’s Office, Oke Mosan, Abeokuta, Okubadejo mentioned the federal government had effectively managed debt, utilizing borrowings to finance infrastructural improvement.
He defined: “As of December 2025, the native debt was N194bn.
When you examine that with the N133bn in 2019, you will notice that we’ve got exhibited fiscal self-discipline.
“And the foreign debt is N300bn due to devaluation. What was $100m in 2019, about N33bn, is now almost N150bn, even without taking a dime.”
He added, “The most vital consideration with debt isn’t just its quantum however whether or not it’s inside fiscal duty pointers, which we’ve got not breached.
“The debt has been used to fund infrastructure, hedge against inflation, and support development at whatever interest rate, around 20 per cent.”
Okubadejo additional disclosed that the 2026 funds elevated from N1.054tn in 2025 to N1.668tn, whereas Ogun’s economic 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 setting by 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 achieve N40bn by 2029.
He famous that N23.3bn had been paid in gratuities overlaying retirees from 2012 to 2020, alongside N32.8bn in excellent gratuities for native authorities retirees inherited by the administration.
“Over 300 workers who retired in July 2025 are currently receiving six-month palliatives pending completion of their pension documentation,” Okubadejo mentioned.
He additionally described the newly accepted Additional Pension Benefits as the primary of its type in Nigeria, including that amendments to the state’s pension legislation would formally combine the scheme.
The Commissioner for Budget and Planning, Olaolu Olabimtan, mentioned the 2026 funds mirrored sturdy fiscal reforms, noting an 85 per cent funds execution fee in 2024 and sustained {financial} stability.
Other commissioners highlighted sectoral achievements, together with intensive street development, elevated healthcare funding, rail extension plans, training assist programmes, and expanded housing initiatives throughout the state.
