Abia State Governor, Alex Otti, has revealed that his administration has successfully paid off N90 billion of the N191.2 billion debt inherited from previous governments within just 15 months without taking on any new loans.
Otti made the announcement during a media session in Umuahia on Thursday night, where he further emphasized that his government has not borrowed any additional funds since taking office.
Governor Otti highlighted that despite the significant debt repayment, his administration has been able to fund critical infrastructure projects and meet recurring expenses, including the regular payment of salaries and pensions.
He stressed the importance of prudent financial management in ensuring the state’s obligations are met while also making progress in key developmental areas, according to Leadership.
The governor also revealed that Abia State secured $159 million in foreign direct investments between June 2023 and June 2024, showcasing his administration’s efforts to attract external funding to boost the state’s economy.
Otti attributed the state’s financial successes to careful resource management, with funds allocated to essential areas such as infrastructure development, salaries, and pensions.
He noted that when he assumed office in May 2023, his administration inherited a debt of N191.3 billion, a sharp increase from the N35 billion inherited by his predecessor in 2015.
The governor reiterated that his administration’s financial achievements were a result of effective management of limited resources, stating that despite the debt, regular payments to workers and pensioners have continued without the need for borrowing.
Otti said: “I inherited N191.3 billion from my predecessor in May 2023. My predecessor inherited about N35 billion from his predecessor in 2015.
“But today, my administration has paid over N90 billion of the debt we inherited.
“We still pay salaries and pensions every month. And I have not borrowed a Kobo from anybody.
“The achievements you see today are a product of prudent management of scare resources.”
