Kogi State Governor, Alhaji Ahmed Usman Ododo, has presented a draft budget of N820.49 billion for the 2026 fiscal year, representing a 35.7 per cent increase from the 2025 revised appropriation.
The disclosure was made on Thursday by the State Commissioner for Finance, Asiwaju Idris, after the State Executive Council meeting held in Lokoja.
Idris said the draft budget had been approved by the governor for presentation to the Kogi State House of Assembly for legislative consideration.
According to him, the significant increase in the 2026 budget demonstrates the administration’s renewed commitment to inclusive and sustainable development, anchored on efficient resource mobilisation and transparent governance.
“This N820.49 billion draft budget represents a 35.7 per cent increase from the 2025 revised budget, signaling a new era of sustainable growth and inclusive development in the state.
“The budget focuses on five key areas; boosting internal revenue, strengthening debt recovery, fostering a business-friendly environment, deepening public-private partnerships, and ensuring project completion.
“The 2026 budget proposals reflect a robust and balanced financial strategy emphasising enhanced revenue generation, strategic expenditure control, and a strong commitment to capital investment,” Idris said.
The Commissioner pledged effective monitoring of revenue inflows and strict fiscal discipline, which he said were critical to achieving the desired outcomes.
Speaking further, the Commissioner for Information and Communications, Kingsley Fanwo, highlighted that the Ododo administration has made considerable progress in combating insecurity across the state.
He disclosed that the governor has directed all local government councils to take over land consent authority — a move designed to curb fraudulent land transactions, illegal mining, and insecurity.
What you should know
In July, Nairametrics reported that credit rating agency Fitch Ratings had affirmed the Long-Term (LT) Issuer Default Ratings (IDRs) of Kogi state at ‘B’ with a Stable Outlook, citing the state’s continued dependence on revenue transfers from the federal government.
According to the agency’s latest assessments published on its website, the affirmation reflects expectations that the state will maintain fiscal stability despite external pressures but remain exposed to risks stemming from volatile oil revenues.
Fitch stated, “The affirmation reflects our expectation that Kogi’s fiscal performance will stay balanced, even under a stressed scenario of declining oil-related revenue, due to high allocations from the federal government, deleveraging in 2024, and manageable external debt. The LT IDR is derived from the state’s Standalone Credit Profile (SCP), and no other factor applies to the rating.”
The credit rating agency said it based the state’s rating on its volatile operating balance that is sensitive to changes in oil prices and rising adjusted debt to fund increasing capex.
