Ogun State Debt Don Climb, But Dem Dey Manage Am Well

My people, make we gist about Ogun State matter wey dey hot for body. E be like say the state debt don reach N494 billion, and no be small level oh! Na Dapo Okubadejo, wey be Ogun State Commissioner for Finance, talk am during the 2026 budget media briefing. As e dey go, our local debt don increase from N133 billion for 2019, now e don reach N194 billion as at December 2025.

Wetin make this matter sabi na the foreign debt wey don jump from N33 billion to a whopping N300 billion. Na devaluation of Naira na im cause am, as dollar wey dem dey buy for N330 now dey cost around N1500. Na serious wahala be that o! Okubadejo no wan make we fear as he yan say dem dey use the debt for better infrastructure for the state. E no just dey borrow money anyhow.

He even break am down well-well; as of December 2025, dem manage the local debt wey be N194 billion and the foreign debt wey be N300 billion, na im be say dem dey show fiscal discipline. The guy talk say, ‘Wetin una do with the debt? Na infrastructure sey una use am for.’

Na true matter be say, Ogun State Internally Generated Revenue (IGR) don rise from N50 billion in 2020 to over N240 billion now, with dem dey expect N512 billion for this year. Na good news for our people wey dey hustle for better life! No wonder dem dey call Ogun State economy one of the fastest growing economy for di country, as e don jump from N3.5 trillion in 2019 to projected N18.96 trillion for 2026.

Na so e dey happen when governor dey run show well; last last, dem dey improve security and ease of doing business so investors go fit invest for state. Okubadejo sha talk say this growth no be by coincidence. E come dey tell us say security for Ogun dey better, and na wetin make plenty people dey come open shop for di state.

Dem also don pay plenty pensions, as annual pension payments don rise from N6.7 billion in 2019 to N20 billion in 2025, and dem dey plan increase am to N40 billion by 2029. Na serious matter! E dey encouraging as pensioners wey retire between 2012 and 2020 don receive N23.3 billion. No be small wahala to clear debt for workers wey don retire, but dem dey try.

Okubadejo come conclude say dis new Additional Pension Benefits (APB) na the first of its kind for Nigeria, and dem dey plan to amend di state pension law to fit incorporate am. Dis one na win-win for everybody wey don work hard for di state.

Last last, Ogun State dey show say dem fit manage di debt sabi, and di future dey look bright if dem continue di good work. Na so we go dey watch as dem dey push for more development and better life for ogbonge people for Ogun State!