Ogun Industry Ministry Achieves Near 100% Revenue, Presents ₦5bn 2025 Budget

The Ogun State House of Assembly Committee on Finance and Appropriation has praised the Ministry of Industry, Trade and Investment for achieving close to 100% of its internally generated revenue (IGR) for the outgoing year. The commendation was made during the ongoing budget defence session for Ministries, Departments, and Agencies (MDAs).

The Chairman of the Committee, Hon. Musefiu Lamidi, alongside the Chairman of the House Committee on Industry, Trade, and Investment, Hon. Adebisi Oyedele, expressed their satisfaction with the Ministry’s efforts. They noted that its revenue drive and strategic initiatives had reinforced Ogun State's position as a preferred investment destination in Nigeria.

“We applaud the Ministry for its innovation and commitment to boosting the state's revenue. This achievement shows the potential for even greater strides in the coming year,” Hon. Lamidi said.

The lawmakers encouraged the Ministry to exceed its current accomplishments, emphasizing that the budget defence process was crucial for ensuring accountability and aligning with the State's development plans.

Defending the Ministry’s 2025 budget, the Commissioner for Industry, Trade, and Investment, Hon. Adebola Sofola, proposed a total expenditure of ₦5 billion. He outlined that ₦2 billion would be allocated to capital expenditure, while ₦3 billion would cover recurrent costs, including ₦539 million for personnel expenses and ₦2.5 billion for overheads.

Hon. Sofola revealed that the Ministry expects to generate ₦1.618 billion in revenue next year. He stressed the Ministry’s focus on re-evaluating IGR streams to boost government income while strengthening Ogun’s status as an industrial hub.

“We are committed to introducing more initiatives next year to enhance entrepreneurship and support the development of Micro, Small, and Medium Enterprises (MSMEs). These efforts are central to our vision for a robust industrial economy,” Sofola stated.

The Ministry of Justice also presented its 2025 budget proposal of ₦242.9 million. Capital expenditure was set at ₦147.9 million, while recurrent costs stood at ₦94.999 million. Representing the Attorney General and Commissioner for Justice, Mr. Oluwasina Ogungbade, the Solicitor General and Permanent Secretary, Mr. Segun Olaotan, highlighted plans to publish the updated laws of the State—a process last undertaken in 2006.

The Ministry of Special Duties and Intergovernmental Affairs, led by Commissioner Mrs. 'Funmi Efuwape, also defended its budget alongside the Ogun State Property and Investment Corporation (OPIC), Ministry of Local Government and Chieftaincy Affairs, Bureau of Local Government Pension, Local Government Service Commission, State Judiciary, Judicial Service Commission, and Customary Courts of Appeal.