Ogun Says Its Economy Now Worth N6 Trillion, Depending Less on Federation Account Allocation

Ogun State Government says the state economy is now worth over N6 trillion and is now one of the few states whose economy does not depend on statutory allocation from federation accounts.

Also, Ogun’s 2024 N703 billion budget is the fifth highest among all the 36 states in the country.

The State Finance Commissioner, Dapo Okubadejo, gave this indication on Monday while breaking down the 2024 budget at a news briefing held at The Olusegun Osoba Press Centre, Oke Mosan, and Abeokuta.

Okubadejo who said the goal of the Abiodun administration was to make Ogun state economically and financially independent, also allayed fear over the state’s debt profile.

According to the commissioner, the debt was reducing, while the revenue was increasing, adding that 80 to 90 percent of the debts are external loans for long-term capital projects.

To finance the N703 billion budget, he said that the administration intends to generate N240 billion revenue from its Internally Generated Revenue while expecting N182 billion from the federation account.

Read Also:

Ogun to Create More Ministries for Digital Economy, Energy and Mineral Resources

He promised that the projected revenue would be realized without over-taxation with the adoption of financial engineering.

Also speaking at the briefing, the State Budget Commissioner, Olaolu Olabimtan said the state would be spending over 70 percent of its projected revenue on capital projects.

Works and Infrastructure Commissioner, Ade Adesanya also said in 2024, there would be a focus on the completion of abandoned projects and ongoing ones.

The projects, include the Sango Ota-Akute Expressway, Agbara-Atan, Ilaro-Owode, the Agro Cargo Airport, and other road projects.