Ogun State’s IGR Doubles from ₦70 Billion to ₦147 Billion in Four Years

October 29, 2024
9:06 am

Ogun State has achieved remarkable growth in its Internally Generated Revenue (IGR), nearly doubling its earnings in just four years. Back in 2019, the state generated ₦70 billion in revenue. Fast forward to 2023, and that number has reached an impressive ₦146.88 billion. This growth makes Ogun one of Nigeria’s standout states in terms of financial progress and self-sufficiency.

To understand how significant this growth is, consider this: Ogun State’s IGR in 2023 is higher than the combined IGR of five South Eastern states and six North Eastern states. Together, these South Eastern states generate around ₦142.95 billion, while the North Eastern states bring in ₦104.35 billion. Ogun State’s progress speaks volumes about its effective financial management and growth strategy.

If we go back to 2010, Ogun State’s IGR was only ₦7.9 billion. At that time, many South Eastern states had higher revenues, with Abia generating ₦11 billion and Ebonyi bringing in ₦13 billion. However, over the years, Ogun has made massive strides, surpassing the combined revenues of all the South Eastern states by 2023.

This financial transformation didn’t happen overnight. It is the result of a well-planned financial overhaul that started around 14 years ago, as Ogun State focused on revenue growth, efficient budgeting, and sustainable development. This commitment to growth laid the foundation for the state’s current success.

One key contributor to Ogun State’s financial rise is Governor Dapo Abiodun’s administration. Since taking office in 2019, his team has worked to enhance the state’s revenue sources and improve financial efficiency. This hard work paid off, with the IGR nearly doubling from ₦70 billion in 2019 to ₦148 billion in 2023.

Ogun State’s journey is a powerful reminder of how focused financial strategies can lead to extraordinary results. The progress made in a relatively short time has positioned Ogun as a model for other states in Nigeria. As the state continues on this path, it sets a solid example of financial resilience and dedication to growth.