Cross River State Reduces Domestic Debt by N70bn Under Governor Otu
Cross River State Governor Bassey Otu announced a reduction in the state's domestic debt by over N70 billion during his tenure.
In Brief
- •Cross River State Governor Bassey Otu announced a reduction in the state's domestic debt by over N70 billion during his tenure.
- •The state's internally generated revenue improved from N21.1 billion in 2022 to N46.3 billion in 2024, driven by fiscal discipline and revenue initiatives.
- •Governor Otu highlighted several achievements, including the recovery of Tinapa from the Asset Management Corporation of Nigeria and the revival of the Teachers Continuous Training Institute.
- •The governor outlined plans for the second term, focusing on converting recovered assets into productive ventures and expanding infrastructure projects.
- •Governor Otu emphasized the importance of continuity and the need for a fact-based campaign centered on the state's development.
Why It Matters
The reduction in Cross River State's domestic debt by N70 billion under Governor Otu's administration signifies a significant financial turnaround. This achievement is crucial for the state's economic stability and the well-being of its citizens. The improved internally generated revenue and various developmental projects indicate a commitment to fiscal responsibility and infrastructure development, which are essential for long-term growth and prosperity.
Key Details
- Debt Reduction
- N70 billion
- Initial Debt
- N204 billion
- Revenue Growth
- From N21.1 billion to N46.3 billion
- Recovered Assets
- Tinapa, nearly N1 billion from Etung Cocoa Estates
- Infrastructure Projects
- Obudu Cargo Airport runway, Teachers Continuous Training Institute
- Digital Governance
- 200 km of fibre infrastructure, 600 residents trained in ICT
Context & Background
Cross River State inherited significant domestic debts and economic challenges upon Governor Otu's assumption of office in 2023. The state's previous administration had left behind a demoralized workforce and security issues, which Governor Otu's administration aimed to address through a focus on debt reduction, asset recovery, and economic recovery.
Original Reporting & Sources
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