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Commissioner: The Ogun Economy Is Now Worth Over N6Trn.



Commissioner: The Ogun Economy Is Now Worth Over N6Trn.

The state’s economy is now valued at more than N6 trillion, according to reports, thanks to the determination of Ogun State Governor Dapo Abiodun’s administration to pursue good governance in maximizing the state’s economic potential.

This was revealed on Monday during the media briefing for the 2024 budget presentation, which was held at the Olusegun Osoba Press Center inside the Governor’s Office, Oke Mosan, Abeokuta. Hon. Dapo Okubadejo is the Commissioner for Finance and Abiodun’s Chief Economic Advisor.

Okubadejo added that the state is targeting N240bn Internally Generated Revenue (IGR) out of the N703bn budget for this year.

He said, “The economy of Ogun State when we started in 2019 was much lower but it is now over N6trn. To give a sense to this, the budget of the whole country is N28trn, and the totality for the states is N17trn out of which Ogun has N703bn making us to be number five in the country.

“We actually started with a budget of over N300bn but within four years, we have doubled this with a budget performance of 75 per cent in a few years, we would be talking of a trillion budget. Our land mass alone is 16000 per square metres with so many resources to be harnessed.”

Okubadejo stressed that the state was one of the states in the country that depended less on federal allocation, saying that there was a need for the state to be economically and financially independent.

The Commissioner explained that the 2024 budget of over N703 billion would have a significant and positive effect on the people of the state.

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