The annual increase in the Internal Generated Revenue (IGR) of Ogun State from 50b Naira in 2020 to 240b Naira last year and 512b Naira in the ongoing year is indicative of a growing economy, the state’s Commissioner for Finance, Mr. Dapo Okubadejo has said.
According to Okubadejo who is also the Chief Economic Adviser to Governor Dapo Abiodun, the State’s IGR had progressively increased from 50b naira in 2020 to 240b naira, achieved as value for last year before auditing and allocation for this year’s budget, noting that 512b naira projection for 2026 IGR clearly indicated consequential growth.
At the 2026 Budget Breakdown Media briefing in Abeokuta recently, the commissioner identified the State’s numerous economic growth measures that have contributed to increased investment activities and higher budget performance, as fiscal, monetary, structural and security policies reformation and assurance for more economic growth achievements across the State.
Okubadejo, said growth indications in the state included the Gross Domestic Products(GDP), that moved from 3.5 trillion naira in the year 2019 to 18.96 trillion naira projection this year.
He revealed that the economic growth and improvement was achieved through the positive changes noticeable in the State’s business environment, which had raised investors’ confidence, improved security situation, economic reforms, acquisition of land and title documents, Certificates of Ownership (CofO), just as registrations of Small and Medium Scales business processes were digitised for transparency in payment and certification accessibility.
The Commissioner, also attributed the growth in economic activities to increased number of companies, housing revolution, infrastructural improvement and development, as well as proper management of both internal and external debts of the State, despite current inflation rate of about 30 percent.
He affirmed the present Government’s target to complete over 2000 kilometers of roads across the State, as 1600km had already been achieved, promising to maintain a high level of sustainable economic growth and development in the State.
In his breakdown analysis, Commissioner for Budget and Planning, Olaolu Obabimtan, revealed in details, the global uncertainty in economic conditions which were threatening international trade of continents and national economic realities, saying the effects on Nigeria’s economic growth rates, particularly, National Inflation rates, National Real GDP growth, Naira to USD exchange rate, Forecast Benchmark Oil Price and Oil Production Per Barrel Per Day would determine State’s economic situations.
He reassured that the State would continue to follow the path of growth with its potentials and improvements in infrastructures, acting as economic boosters in the Medium Term Sector Strategies’ projections of the 2026 to 2028 as indicators for strategic pillars guiding sectoral allocations which had reflected improved yearly budget performance.
In his welcome address, Special Adviser to the Governor on Media and Communication, Kayode Akinmade, said budget analysis breakdown has gone beyond paper layout to digital presentation, affirming the present Government decision to uphold transparency, accountability and prudent management of resources for public trust.
