The Ogun State Authorities has set an formidable goal of producing N500 billion in Internally Generated Income (IGR) to fund its 2026 fiscal yr, as a part of efforts to strengthen the state’s financial independence and sustainability.
Governor Dapo Abiodun made the disclosure in the course of the Treasury Board assembly on the 2026–2028 Medium-Time period Expenditure Framework (MTEF) and the 2026 Finances held in Abeokuta, the state capital.
He stated the administration was decided to leverage Ogun’s industrial potential and geographic benefit to realize the goal.
“We’ve got set an formidable goal of producing N500 billion in Internally Generated Income (IGR) to finance the 2026 fiscal yr, as a part of our drive to construct a stronger and extra self-sustaining Ogun State,” the governor stated.
Lengthy-term objective
Abiodun defined that the state’s long-term objective was to develop annual IGR to N750 billion by 2027, when his administration’s tenure would finish.
Based on him, this progress trajectory aligns with Ogun’s standing as Nigeria’s industrial hub and its strategic proximity to Lagos, coupled with its huge landmass of over 16,000 sq. kilometres.
“Ogun should leverage its proximity to Lagos and its huge landmass to realize this goal,” he famous. “Our comparative benefit have to be totally harnessed to supply what Lagos can’t supply. Innovation, effectivity, and accountability might be our guiding rules as we strengthen Ogun’s financial base.”
All palms have to be on deck
To satisfy the income objective, the governor directed the Ogun State Inside Income Service (OGIRS) to generate no less than N250 billion, whereas different key companies—together with the Ogun Property Funding Company (OPIC), the Bureau of Lands, the Ministry of Schooling, Science and Know-how, and the Ministry of Housing—are anticipated to make vital contributions.
Abiodun stated each Ministry, Division, and Company (MDA) should play a strategic position in attaining the fiscal imaginative and prescient by getting ready “daring, artistic, and impressive” income plans tailor-made to their operational strengths.
He emphasised that the 2026 price range cycle can be constructed round innovation-driven governance and monetary self-discipline, geared toward positioning Ogun because the main subnational financial system in Nigeria.
Past fiscal targets, the governor stated his administration was additionally prioritizing city renewal and infrastructure transformation, starting with the regeneration of Kara, close to Isheri, one of many state’s busiest gateways.
“In the identical spirit of transformation, we’re addressing the city renewal of Kara, close to Isheri, to offer that hall a brand new look befitting the Gateway State,” he stated.
Institution of inter-ministerial committee
He revealed that an inter-ministerial committee has been established to supervise enumeration, compensation, and relocation processes to make sure that the redevelopment is each inclusive and humane.
Abiodun reaffirmed his administration’s dedication to constructing a affluent and trendy Ogun State, rooted in self-discipline, innovation, and the resilience of its folks.
“We stay targeted on constructing a affluent, trendy Ogun State — one which displays the ambition, self-discipline, and resilience of its folks,” he stated.
What it’s best to know
Final month, Stellar Metal Firm Restricted, a subsidiary of China’s Galaxy Group and RSIN Group, signed a take care of the federal authorities to ascertain a $450 million metal plant in Ogun State, producing hot-rolled coil metal, iron metal doorways, and fuel cylinders.
The power, scheduled to start operations by mid-2026, is predicted to considerably scale back Nigeria’s reliance on imported metal.
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