… N1 Trillion Revenue Generated
…434bn IGR, N196.2bn FG’s Allocation received
…Personnel Cost Gulped N287bn
Daud Olatunji
In a comprehensive investigation spanning from 2018 to 2022, PLATFORM TIMES has unveiled that the combined administrations of former Governor Ibikunle Amosun and current Governor Dapo Abiodun in Ogun State collectively spent a staggering sum of N1,064,630,874,797.41.
The financial journey began with Amosun’s active involvement in expenditures during 2018 and part of 2019.
Subsequently, Governor Abiodun’s administration took center stage from May 29, 2019, continuing through 2022 as detailed in the reviewed financial statements.
PLATFORM TIMES reports that the state’s expenditure landscape witnessed a total outlay of N1,064,630,874,797.41 during the period under review, showcasing a joint fiscal effort by both administrations.
Amosun’s financial footprint revealed expenditures of N176,515,010,632.14 in 2018 and N173,197,989,952.69 in 2019, jointly spent by the two administrations.
Despite their distinct timelines, both administrations significantly contributed to this substantial sum.
Further investigation highlights Abiodun’s expenditure breakdown, indicating N153,364,092,591.06 in 2020, N251,930,040,893.81 in 2021, and N309,624,740,727.71 in 2022.
Delving into personnel costs, the cumulative expenditure by both Amosun and Abiodun over the five-year period amounted to N287,156,399,388.85.
In 2018, Amosun’s administration allocated N44,915,179,988.18 to personnel costs, with a joint effort of N49,870,373,047.32 in 2019.
Subsequent years saw Abiodun’s government leading, allocating N56,213,334,320.53 in 2020, N65,527,819,301.38 in 2021, and N70,626,328,731.44 in 2022 towards personnel expenses.
In a detailed examination of fiscal responsibilities, former Governor Ibikunle Amosun and current Governor Dapo Abiodun in Ogun State navigated overhead costs and public debt, collectively expending significant amounts over a five-year period.
Amosun initiated the expenditure trend by allocating N36,176,443,205.75 towards overhead costs in 2018. The collaborative effort between both administrations continued in 2019, with a joint allocation of N58,618,542,767.90.
Abiodun’s administration sustained this momentum, allocating N50,042,862,712.59 in 2020, followed by N75,732,133,430.08 in 2021, and a substantial N97,446,257,196.35 in 2022 towards overhead costs.
Addressing the challenge of public debt, both Amosun and Abiodun diligently serviced the state’s obligations, accumulating a total payment of N121,061,493,125.86 over the five-year period.
Amosun led the charge in 2018 with a payment of N18,993,218,182.27, and the collaborative effort resulted in a combined payment of N29,290,792,755.99 in 2019.
Subsequently, Abiodun took the helm, making substantial payments of N16,621,445,068.39, N28,289,450,971.00, and N27,866,588,149.21 in 2020, 2021, and 2022, respectively, to service the state’s public debts.
… N1 Trillion Revenue Generated In Five Years
In a comprehensive investigation, PLATFORM TIMES unveils that the government of Ogun State has generated over N1 trillion in revenues from 2018 to 2022.
The revenue, spanning various sources such as Internally Generated Revenue, Statutory Allocation, Value Added Tax, Aids and Grants, Capital Receipts (External and Internal loans), and other receipts, highlights the fiscal strength of the state.
PLATFORM TIMES obtained these figures from the financial statements of the state, audited by the Auditor General and accessible on openstates.ng/Ogun.
The breakdown of the revenue reveals a strategic balance across multiple financial streams.
Governor Dapo Abiodun, who assumed office in 2023, played a pivotal role in steering the state’s financial course,after he took over from former Governor Senator Ibikunle Amosun, who governed from 2011 to 2019.
Notably, the state received N196.27 billion in statutory allocation from the federal government over the five-year period, with an additional N434.26 billion generated through Internally Generated Revenue.
The breakdown of IGR indicates a consistent growth, with N84.55 billion and N81.42 billion recorded for 2018 and 2019, respectively. This trend continued with N50.56 billion, N100.90 billion, and N119.83 billion for 2020, 2021, and 2022, respectively.
Value Added Tax (VAT) contributed significantly to the state’s revenue, amounting to a total of N94.21 billion over five years.
A closer look at VAT collections reveals N12.78 billion and N13.70 billion for 2018 and 2019, followed by N16.52 billion, N23.61 billion, and N27.50 billion for 2020, 2021, and 2022.
Aids and Grants played a crucial role, with N2.17 billion and N907.12 million received in 2018 and 2019. Subsequent years saw an increase, reaching N7.49 billion, N4.68 billion, and a substantial N27.23 billion for 2020, 2021, and 2022, respectively.
Other receipts, a category identified in financial statements, contributed N22.95 billion and N59.24 billion in 2018 and 2019, respectively.
The state’s engagement with Capital Receipts, encompassing external and internal loans, resulted in N7.15 billion in 2020, N98.59 billion in 2021, and N80.62 billion in 2022.
PLATFORM TIMES’s detailed analysis underscores that the state’s total revenue reached N1.03 trillion under Governor Abiodun’s administration, reflecting prudent financial management and strategic fiscal policies.
… Ogun State’s Financial Health Confirmed in Auditor-General’s Report
in a recent statement titled “Audit Certificate,” Balogun A.L., the Auditor-General of Ogun State, announced the completion of the audit for the Financial Statements and Accounts of the state government for the year ended December 31, 2022.
The audit, conducted in accordance with constitutional provisions and international standards, affirms the transparency and accuracy of the government’s financial position.
Balogun A.L. stated, “The Financial Statements, in agreement with the books of accounts and records, show a true and fair view of the Financial Position of the Government of Ogun State for the year ended December 31, 2022.”
The comprehensive audit, aligning with IPSAS and other regulatory frameworks, provided reasonable evidence and assurances supporting the independent opinion.
Additionally, Tunde Aregbesola, the Accountant-General/Permanent Secretary, emphasized the meticulous adherence to International Public Sector Accounting Standards (IPSAS) in the preparation of financial statements.
Aregbesola stated, “I accept responsibility for the integrity and objectivity of the Financial Statements and the information contained therein,” highlighting the commitment to sound financial management practices.”
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