Domestic debt: Ogun govt borrows another N2.84bn

The Governor Dapo Abiodun-led Ogun State Government borrowed another N2.8billion between January and March, 2021.

This was contained in the latest report published last week by the Debt Management Office (DMO).

The report is coming a few months after the DMO revealed that the domestic debt profile of the Gateway State has increased by N58 billion in 18 months, from June 2019 to December 2020.

The domestic debt of Ogun stood at N95,174,172,678.30 as of June 30, 2019.

In December 2020, the domestic debt stock of the state rose to N153,490,666,025.15, indicating that a total of N58,316,493,347 had been borrowed by the Abiodun government.

But, Gov Abiodun, in a swift response, denied borrowing the N58,316,493,347, saying it was an undisclosed liability of unpaid workers gratuities, pensions and other emoluments owed by the previous government of Sen. Ibikunle Amosun that was added to the state’s debt profile.

However, the Amosun administration, through the then Commissioner for Finance, Adewale Oshinowo, dared the present government to say the truth about the controversial debt.

Oshinowo stated that “the claims of the Ogun State Government on the issue of its debt profile are deliberate lies,” asking Ogun people to wait for DMO figures by June 2021 and December 2021 “when all the lies and manipulations of the present administration will further come to light.”

It was reported that the domestic debt stock of Ogun has now increased from N153,490,666,025.15 in December, 2020 to N156,335,308,358.54 in March 2021, according to the DMO.

This signifies that another debt of N2,844,642,333.39 has been incurred in the first quarter of 2021.

Gov Abiodun recently said the state has generated about N21 billion in the first quarter of 2021; the same period the DMO is citing an increase in debt.

The Ogun Commissioner for Finance, Dapo Okubadejo did not answer calls and messages sent to his line by our correspondent throughout Sunday.

Meanwhile, the DMO said the domestic debt figures were generated from the signed-off submissions received from states.