Ogun Govt reveals state debt now N494bn amid naira devaluation
By SUMAYYAH ADEFAKA
The Ogun State Commissioner for Finance and Chief Economic Adviser to the Governor, Dapo Okubadejo, on Tuesday said the state’s debt profile currently stands at about N494bn.
Okubadejo noted that while local debt rose from N133bn in 2019 to N194bn as of December 2025, foreign debt increased from N33bn in 2019 to N300bn.
He attributed the sharp rise in foreign debt to the devaluation of the naira, explaining that a dollar, which exchanged for N330 in 2019, now trades between N1,400 and N1,500.
The commissioner also highlighted the state’s Internally Generated Revenue, which increased from around N50bn in 2020 to over N240bn in 2025, with a projected N512bn for 2026.
Speaking at the 2026 budget media briefing held at Olusegun Osoba Press Centre, Governor’s Office, Oke Mosan, Abeokuta, Okubadejo said the government had efficiently managed debt, using borrowings to finance infrastructural development.
He explained: “As of December 2025, the local debt was N194bn.
When you compare that with the N133bn in 2019, you will see that we have exhibited fiscal 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 important consideration with debt is not just its quantum but whether it is within fiscal responsibility guidelines, which we have not breached.
