The debt profile of Ogun State stood at about ₦494 billion as of December 2025, the Commissioner for Finance and Chief Economic Adviser to the Governor, Mr Dapo Okubadejo, said on Tuesday.

The state’s Internally Generated Revenue (IGR) also rose to more than ₦240 billion in 2025, Okubadejo told journalists during a media briefing on the 2026 budget at the Olusegun Osoba Press Centre, Oke Mosan, Abeokuta.

Okubadejo said local debt increased from ₦133 billion in 2019 to ₦194 billion as of December 2025.

He added that foreign debt rose from ₦33 billion in 2019 to ₦300 billion over the same period, attributing the increase to naira devaluation, with the dollar trading at between ₦1,400 and ₦1,500 from about ₦330 in 2019.

Okubadejo said Ogun State has remained within fiscal responsibility guidelines and that debts were used to fund infrastructure development, saying “the quantum has to be within fiscal responsibility guidelines, which we have not breached.”

On revenue, the commissioner said IGR expanded from around ₦50 billion in 2020 to over ₦240 billion in 2025, with a projected revenue of ₦512 billion for 2026. He said this reflects progress in revenue mobilisation efforts by the state government.

Okubadejo said the 2026 budget has increased from ₦1.054 trillion in 2025 to ₦1.668 trillion and noted that the state economy expanded from about ₦3.5 trillion in 2019 to a projected ₦18.96 trillion in 2026.

In his remarks, he said revenue performance and fiscal management have supported government programmes and allowed for investments in infrastructure, security and other development priorities, contributing to improved fiscal outcomes.