Kogi State government has been ranked the fifth lowest in domestic debt among states, the Commissioner for Budget and Economic Planning, Asiwaju Asiru Idris disclosed.
Idris, who made the announcement in a statement in Lokoja yesterday, attributed the ranking to strategic economic and fiscal reforms embarked upon by the state government.
“Our reforms have begun to yield fruitful results, with the state now ranked as the fifth lowest in domestic debt among the 36 states and the Federal Capital Territory, FCT.
“This is according to the latest figures released by the Debt Management Office, DMO, as at March 31.
“The report showed that Kogi’s domestic debt stands at N20.38 billion, marking a significant drop from the N121.81 billion recorded in the fourth quarter of 2023, when it ranked 18th lowest.
“This reflects a remarkable debt reduction of over N101.43 billion in just one fiscal quarter.”
The commissioner credited the success to the state’s 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, mostly due to Governor Ahmed Ododo’s transparent, accountable and reform-minded leadership,” Idris said.
The statement also quoted the Commissioner for Information, Mr Kingsley Fanwo, of disclosing that government had acquired 15 mining licences to begin strategic participation in Nigeria’s solid minerals sector.
Fanwo described the move as a bold step to diversify the economy, expand its revenue base and ensure that citizens benefit directly from the natural resources on their land.
“With these licenses, Kogi will take its rightful place in the mining sector, not just as a host, but as an active operator, unlocking value and creating jobs for our youths and growing our internally generated revenue.
“This is a major economic breakthrough for our state. We thank Mr President for enabling states like Kogi to take charge of their destiny.
“Governor Ododo’s leadership is positioning Kogi not just for today, but for a prosperous and resource-driven future,” Fanwo added.
He assured that the licenses would be used for environmentally responsible and community-focused mining initiatives designed to stimulate industrial growth and promote local content development.
