The strategic economic and fiscal reforms embarked upon by the Kogi State Government have begun to yield fruitful results as the state now ranked the fifth lowest domestic debt among the 36 states of the federation and the Federal Capital Territory (FCT).
This was contained in statistics released by the Debt Management Office (DMO) on March 31, 2025.
The report shows that Kogi State domestic debt stands at N20.38 billion, marking a significant drop from the N121.81 billion recorded in Q4 of 2023, when the state ranked 18th lowest in the country.
This reflects a remarkable debt reduction of over N101.43 billion in just over one fiscal quarter.
While speaking on the achievement, the state Commissioner for Finance, Budget and Economic Planning, Asiwaju Asiru Idris, attributed the success to the state aggressive implementation of global best practices in financial management, including prudent borrowing, enhanced revenue performance, and strategic expenditure control.
“We are deliberate in our financial approach, cutting waste and focusing on impactful spending. This improvement is not accidental; it is the result of Governor Usman Ododo’s transparent, accountable and reform-minded leadership,” he said.
Also speaking, the Auditor-General of the state, Alhaji Yakubu Okala, said Kogi State improved debt standing is evidence of transparency and effective oversight.
“We ensure that all government funds are deployed strictly for their intended purposes. His Excellency’s accounting background has brought a culture of accountability and efficiency to every level of government. Our systems now deliver more results with fewer resources,” he said.
Okala commended Governor Ododo’s unwavering support for fiscal institutions, saying the governor has not only backed reforms but insisted on compliance and value-for-money across all MDAs.
