Against the backdrop of economic upheaval, rising prices for goods, and grave grievances among Nigerians, the governors of six southwest states intend to spend ₦214.7 billion in 2024, data from Statisense, an online resource that provides data on social issues and government spending, reveals.
Out of the states’ combined 2024 budgets totaling trillions and billions of naira, the money was set aside specifically to run the governors’ offices.
Lagos State budgeted ₦66.8bn for governor’s office, making it a total of 2.95% of its ₦2.2trn “Budget of Renewal” sum. This is most likely meant to cover every aspect of managing the governor’s office, including all of its subsidiary departments.
Ogun State’s yearly fiscal budget is at its highest level since its founding in 1976 in 2024. The ₦703bn budget that Governor Dapo Abiodun presented to the State House of Assembly was approved. Of this budget, the governor’s office receives ₦64.2bn, staggering 9.13% of the total budget.
Additionally, the Oyo State governor’s office receives ₦49.9bn, or 11.38%, of the ₦434.2bn allocated for the State’s fiscal budget in 2024 by Governor Seyi Makinde. Similarly, this relates to Governor Adeleke’s Osun State “Budget of Reconstruction and Recovery,” which is worth ₦273.91bn. The governor’s office receives ₦13bn, which exceeded 4.76%.
The Ekiti State budget, named the “Budget of Sustainable Growth and Development” by Governor Oyebamiji, is worth N159.5bn. It includes a separate ₦18.9bn, which surpasses the 11.87% allotted to the governor’s office.
The N384.53 billion budget for the Ondo State fiscal year 2024 has also been prepared, surpassing 0.48% just for the governor’s office, with a total of ₦1.9 billion naira.
By taking on additional debt, deducting from the meagre internal revenue stream, and depending on spousal grants from the federal government and other organisations, all of the budgets will theoretically be able to be used.
The combined domestic debt of the six southwest states is currently ₦1.75 trillion, according to the latest document from the Debt Management Office as of September 30, 2023. In this instance, the debts owed by Lagos State are ₦960.50bn; Ogun is ₦293.20bn; Ondo is ₦72.75bn; Osun is ₦145.27bn; Oyo is ₦161.77bn; and Ekiti is ₦112.40bn.
Read Also: Under Makinde, Oyo Swims in Debts
Enoch Oyedibu
Brazen Investigative Journalist, publisher and executive director, PIJAlance Magazine Limited.
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[…] SW States, with ₦1.75trn debts, Intend to Spend ₦214.7bn on Governors’ Offices […]
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[…] February, 2024, PIJAlance analysed that Southwest States owe N1.75trn domestic debts. Between February to June, southwest six States have added N5trn, making N1.8trn to […]