According to the Kogi State government, its domestic debt is ₦20.38 billion, which is a substantial decrease from the ₦121.8 billion that the Debt Management Office (DMO) reported in the first quarter of 2023.
It was revealed at a news conference held in Lokoja on Tuesday by Kinsley Fanwo, the state commissioner of information and communication.
He said that out of the 36 states in the federation and the Federal Capital Territory, Kogi has the fifth-lowest domestic debt according to the DMO’s March 31, 2025, report.
The accomplishments were credited by the state government to the strategic budgetary and economic reforms implemented by the current administration, which is led by Governor Ahmed Usman Ododo.
According to the study, Kogi State’s domestic debt is ₦20.38 billion, which is a substantial decrease from the ₦121.81 billion recorded in Q4 2023, when the state was ranked 18th in the nation for debt. He stated, “This represents an impressive debt reduction of more than ₦101.43 billion in just one fiscal quarter.”
According to Asiwaju Asiru Idris, the State Commissioner for Finance, Budget, and Economic Planning, the result was brought about by the aggressive use of international best practices in financial management, which include strategic expenditure control, improved revenue performance, and cautious borrowing.
“We take a methodical approach to money, reducing waste and emphasizing spending that has an impact. “Governor Ahmed Usman Ododo’s transparent, accountable, and reform-minded leadership is the reason for this improvement; it is not a coincidence,” he stated.
Alhaji Yakubu Okala, the state’s auditor general, concurred, saying that the state’s better debt situation is proof of openness and efficient supervision.
“We guarantee that all public monies are used only for the reasons for which they were intended. Because of His Excellency’s experience in accounting, every level of government now has an efficient and accountable culture. He said that our systems today use fewer resources to provide more results.
However, since the State Government is easily financing a sizable number of capital projects in the State, both point to increased revenue and a decreased need for domestic borrowing.
In a related development, the Kogi State Government reports that, in an effort to broaden its revenue source and diversify the state’s economy, it has obtained 15 mining licenses to completely engage in solid minerals mining in the state.
Fanwo claims that the government’s determination to guarantee that Kogites directly profit from the natural resources on their land was the driving force for the action.
“Kogi will now occupy its proper position in the mining industry as an active operator as well as a host thanks to these licenses. This will increase our internally generated revenue, unlock value, and provide jobs for our hordes of young people.
This is a significant economic advance for our state. We are grateful to Mr. President for empowering states like Kogi to determine their own fate. He claimed that Kogi is being positioned for a successful, resource-driven future under Governor Ododo’s leadership, not only for the present.
He emphasized that the State is quickly emerging as a national leader in fiscal sustainability and economic diversification thanks to its dual accomplishments of improved debt ranking and entry into important mining operations.
