The Governor of Ogun State, Dapo Abiodun, on Wednesday presented a proposed 2025 budget of N1.054 trillion to the State House of Assembly.
The state government disclosed this via its X page, referring to it as the “Budget of Hope and Prosperity.”
The budget is divided into recurrent expenditure (N453.56 billion) and capital expenditure (N600.98 billion).
Budget Breakdown
According to the state government, N120.1 billion is allocated for personnel costs, N37.49 billion for consolidated revenue costs, N76.07 billion for public debt charges, and N219.86 billion for overhead costs.
- The governor highlighted some of the major capital projects for 2025, including renovating hospitals, revitalizing 80 primary health centers, and extending the redline, blueline, and purpleline metro rail lines.
- He added that the budget will fund the construction of key infrastructure such as roads, fire stations, and the Ogun Lodge Government House in Abuja.
The statement partly reads: “The funding sources are projected as follows:
- N120.97 billion from the State Internal Revenue Service
- N193.85 billion from Ministries, Departments, and Agencies (MDAs)
- N228.06 billion from federal statutory allocations (including VAT)
- N472.66 billion from capital receipts (loans, grants, etc.)
“Sectoral allocations include:
- Education: N117.83 billion (17%)
- Health: N134.54 billion (13%)
- Infrastructure: N284.46 billion (27%)
- Social Protection: N39.84 billion (4%)”
Governor Abiodun told the lawmakers that completing ongoing projects, generating revenue, and creating jobs align with Ogun State’s development strategies and national plans.
He added that the 2024 budget performance demonstrated strong fiscal reliability, with 79% of revenue and 56% of expenditure targets achieved as of September 2024.
What You Should Know
The 2025 budget for Ogun State is higher than the one for this year.
Dapo Abiodun had submitted a budget proposal of N703.028 billion for 2024 to the State House of Assembly for approval.
Termed the “Budget of Sustained Growth and Development,” Abiodun outlined that the total budget comprises N415.66 billion for capital expenditure and N287.37 billion for recurrent expenditure.
Additionally, the budget allocated N95.05 billion for personnel costs, N105.88 billion for overhead expenses, and N59.09 billion for public debt charges.
He stated that the revenue composition includes the Ogun State Internal Revenue Service (OGIRS), with an estimate of N100.81 billion, and other Ministries, Departments, and Agencies (MDAs), estimated at N139.73 billion, totaling N240.54 billion.
He underscored that in 2024, the state government would continue prioritizing the completion of ongoing projects, those with revenue potential, and initiatives contributing to employment generation.
