US Credit Card Fraudster Governor Dapo Abiodun Paid N17.9 Billion To Service Debts In Three Months While His N1.04 Trillion Capital Budget Delivered 2.28 Percent

Secrets Reporters

In 1986, Miami-Dade felony Case F-86-019816 named Shawn Michael Davis as its defendant and carried Abiodun, Oluseun Adedapo, born 29 May 1960, in its alias list. Two of its seven charges, theft of a credit card and a felony credit card count, were no-actioned, and the case carries no conviction. Dapo Abiodun, the man in that alias list, has governed Ogun State since 29 May 2019, and the state’s own budget documents show what his government now pays its creditors.

The overhead report in the budget execution report published by the Ogun State Ministry of Budget and Planning for the first quarter of 2026 carries the state’s Public Debt Charges. Against an annual charge of N99,977,220,000.00 for 2026, the state paid N17,982,991,681.81 in January, February and March. The payment is 17.99 percent of the full-year charge in a single quarter.

The Bill That Rose While Spending Fell

In the first quarter of 2025 the same charge took N14,765,494,215.57, against an annual charge that year of N76,073,125,615.99. The amount Ogun State pays to service its debts in a quarter rose 21.79 percent in one year. Total spending by the state in the first quarter of 2026, across personnel, overheads and capital, came to N99,498,938,956.60, against N153,825,434,225.33 in the first quarter of 2025. Overall spending fell by 35.32 percent. The debt charge moved the other way, and 18.07 percent of everything the state spent in the quarter went to servicing debts.

Debt service took 9.60 percent of all spending in the first quarter of 2025. Its share of a smaller total spend nearly doubled a year later.

The audited financial statements for 2023, signed by the Accountant-General, record the charge at N31,118,151,991.96 for that year, and record non-current financial liabilities of N345,892,653,824.87 at the end of 2023, up from N272,009,058,883.23 at the end of 2022. The annual debt charge in the 2026 appropriation, N99,977,220,000.00, is 3.21 times the charge the audited statements recorded for 2023.

What The Creditors Took Against What Was Built

Capital expenditure across Ogun State in the first quarter of 2026 came to N23,745,915,556.16. The debt service paid in the same quarter equals 75.72 percent of everything spent on capital projects. The capital budget the governor presented for 2026 is N1,043,234,210,524.78, an increase of 73.88 percent on the 2025 capital vote of N599,989,778,219.70. The amount actually spent on capital in the first quarter fell 73.43 percent against the first quarter of 2025, when the state spent N89,387,063,040.73.

Measured against the pace the budget sets for a quarter, the debt charge ran at 71.95 percent of its pro-rata amount. Overheads across the whole government ran at 58.50 percent of pro-rata in the same quarter, and capital expenditure ran at 9.10 percent.

Revenue received in the first quarter of 2026 was N213,388,594,309.39. Of every naira the state spent in the quarter, the execution report shows the creditors’ charge taking its share before the capital programme reached 2.28 percent of the budget the governor had presented for it.