The substantial rise in Internally Generated Revenue (IGR) in Ogun State — climbing from ₦50 billion in 2020 to ₦240 billion last year and a projected ₦512 billion in the current fiscal period — reflects a deepening economic expansion, according to the state’s Commissioner for Finance.
Speaking at the 2026 Budget Breakdown Media Briefing in Abeokuta, Dapo Okubadejo described the revenue trajectory as evidence of improved investment activity and stronger fiscal performance. He noted that the ₦240 billion achieved last year represented validated revenue performance after auditing and budgetary allocation, while the ₦512 billion projection for 2026 underscores ongoing economic momentum.
Okubadejo highlighted multiple policy-driven reforms as catalysts for growth, citing improvements in fiscal management, security, and structural economic adjustments. He pointed to enhanced business registration processes — including digitalised systems for Small and Medium Scale Enterprises (SMEs) — as measures that have increased transparency and investor confidence.
The commissioner also referenced significant expansion in the state’s economic output. Gross Domestic Product (GDP) projections have risen from ₦3.5 trillion in 2019 to an estimated ₦18.96 trillion this year, a shift attributed to improved business conditions, infrastructure development, and stronger debt management strategies.
According to the finance ministry, the surge in corporate registrations, land documentation processes, and Certificates of Ownership (CofO) issuance has streamlined investment procedures and encouraged economic participation. Okubadejo further linked the growth to increased housing development, infrastructure projects, and the expansion of commercial enterprises across the state.
Despite inflationary pressures hovering around 30 percent, the state government insists its economic policies have provided resilience. Plans remain in place to complete over 2,000 kilometres of roads, with 1,600 kilometres already delivered — an initiative framed as part of broader infrastructure-led growth.
Complementing the fiscal analysis, the Commissioner for Budget and Planning emphasised external economic uncertainties that could influence national and subnational growth patterns. Factors such as global trade conditions, inflation, exchange rates, and oil market dynamics were identified as variables shaping Nigeria’s broader economic landscape.
The government reiterated its commitment to medium-term strategic planning and transparency. A media-focused budget breakdown initiative, supported by the office of the Special Adviser on Media and Communication, was presented as part of efforts to enhance public understanding of fiscal policy and resource management.
From the administration’s perspective, the revenue surge is not merely a statistical achievement but a reflection of structural reforms and economic diversification. Officials argue that sustained investment in infrastructure and governance reforms will continue to drive growth, positioning the state as a competitive investment destination within Nigeria’s evolving economic landscape.