Ogun’s Domestic Debt: Abiodun govt borrowed N36.8 billion in four months

Ogun’s Domestic Debt: Abiodun govt borrowed N36.8 billion in four months

The Governor Dapo Abiodun-led government in Ogun State has borrowed over N36.8 billion between June 30 and September 30, 2021.

This was contained in a report newly released by the Debt Management Office (DMO).

DMO’s domestic debt data for the 36 states and the FCT as of September 30, 2021, indicates that Ogun State has a total sum of N192,418,550,904.73 as money borrowed locally.

It was reported that the DMO had in its June report put Ogun domestic debt at N155,567,441,984.84.

This shows an increase of N36,851,108,919.89 in the state’s local debt stock within the third quarter of the year 2021.

The domestic debt of the state appears to be increasing despite the rise in its internally generated revenue within the period under review.

Our correspondent reports that the purpose of the debt could not be immediately confirmed as the Ogun State Government and the House of Assembly did not publicly advertise a notice of borrowing between July and September 2021.

However, it is still making efforts to reach government officials for some explanation on the debt profile.