The Ogun State Government intends to spend a total of N392.7 billion in infrastructure between now and 2025 as part of its plan to raise the economic status of the state and make it a leading one among its peers.
•Says state debts should be evaluated on basis of fiscal, economic peculiarities
At the 2022 budget breakdown session, the Chief Economic Adviser/Commissioner for Finance, Dapo Okubadejo, said the government understood the importance of linking the state with Lagos as a necessary move to take into the Lagos investment market. For him, efficiency and performance are not about maintaining a big government but incentivising private sector players to take advantage of investment opportunities. In recognition of this, he said, the government has executed some legal frameworks, including the Public Private Partnership and the Office of PPP to make it easier for investors seeking economic opportunities in the state.
Besides, he disclosed that the debt was about N141 billion when the administration assumed office with the foreign component standing at $121 million even while the outstanding pensions and gratuities were excluded from the state’s balance sheet owing to the limitation of the cash accounting system in practice.
Okubadejo’s counterpart in charge of Budget and Planning, Olaolu Olabimtan, told the media that debt sustainability indicators are well above an acceptable level. For instance, he explained that debt service to revenue ratio is 12 per cent, well off the 30 per cent 30 per cent benchmark.
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