The Ogun State Government has set an ambitious target of generating N500 billion in Internally Generated Revenue (IGR) to fund its 2026 fiscal year, as part of efforts to strengthen the state’s economic independence and sustainability.
Governor Dapo Abiodun made the disclosure during the Treasury Board meeting on the 2026–2028 Medium-Term Expenditure Framework (MTEF) and the 2026 Budget held in Abeokuta, the state capital.
He said the administration was determined to leverage Ogun’s industrial potential and geographic advantage to achieve the target.
“We have set an ambitious target of generating N500 billion in Internally Generated Revenue (IGR) to finance the 2026 fiscal year, as part of our drive to build a stronger and more self-sustaining Ogun State,” the governor said.
Long-term goal
Abiodun explained that the state’s long-term goal was to grow annual IGR to N750 billion by 2027, when his administration’s tenure would end.
According to him, this growth trajectory aligns with Ogun’s status as Nigeria’s industrial hub and its strategic proximity to Lagos, coupled with its vast landmass of over 16,000 square kilometres.
“Ogun must leverage its proximity to Lagos and its vast landmass to achieve this target,” he noted. “Our comparative advantage must be fully harnessed to provide what Lagos cannot offer. Innovation, efficiency, and accountability will be our guiding principles as we strengthen Ogun’s economic base.”
All hands must be on deck
To meet the revenue goal, the governor directed the Ogun State Internal Revenue Service (OGIRS) to generate at least N250 billion, while other key agencies—including the Ogun Property Investment Corporation (OPIC), the Bureau of Lands, the Ministry of Education, Science and Technology, and the Ministry of Housing—are expected to make significant contributions.
Abiodun said every Ministry, Department, and Agency (MDA) must play a strategic role in achieving the fiscal vision by preparing “bold, creative, and ambitious” revenue plans tailored to their operational strengths.
He emphasized that the 2026 budget cycle would be built around innovation-driven governance and fiscal discipline, aimed at positioning Ogun as the leading subnational economy in Nigeria.
Beyond fiscal targets, the governor said his administration was also prioritizing urban renewal and infrastructure transformation, beginning with the regeneration of Kara, near Isheri, one of the state’s busiest gateways.
“In the same spirit of transformation, we are addressing the urban renewal of Kara, near Isheri, to give that corridor a new look befitting the Gateway State,” he said.
Establishment of inter-ministerial committee
He revealed that an inter-ministerial committee has been established to oversee enumeration, compensation, and relocation processes to ensure that the redevelopment is both inclusive and humane.
Abiodun reaffirmed his administration’s commitment to building a prosperous and modern Ogun State, rooted in discipline, innovation, and the resilience of its people.
“We remain focused on building a prosperous, modern Ogun State — one that reflects the ambition, discipline, and resilience of its people,” he said.
What you should know
Last month, Stellar Steel Company Limited, a subsidiary of China’s Galaxy Group and RSIN Group, signed a deal with the federal government to establish a $450 million steel plant in Ogun State, producing hot-rolled coil steel, iron steel doors, and gas cylinders.
The facility, scheduled to commence operations by mid-2026, is expected to significantly reduce Nigeria’s reliance on imported steel.
