“No fresh loan has been taken since the assumption of office by H.E. Alex Chioma Otti, OFR. Abia State is among the states making notable progress in debt reduction. It is worthy of mention that Abia State is among the leading states in Nigeria in debt reduction and fiscal discipline since 2023”
Since the assumption of the office of His Excellency, Dr. Alex Chioma Otti, OFR, on May 29, 2023, Abia State has witnessed a new era of fiscal discipline, transparency, and responsible governance.
When this administration came on board, the state inherited a huge debt burden of approximately ₦191 billion, accumulated over the years by previous administrations. This debt profile posed serious challenges to development, infrastructure delivery, prompt payment of obligations, and investor confidence.
However, through prudent management of public funds, strategic planning, improved internally generated revenue, blocking of leakages, and strict control of unnecessary spending, the administration of Dr. Alex Chioma Otti, OFR, has made significant progress in reducing the debt burden.
So far, the government has successfully paid down ₦142 billion from the inherited debt without contracting fresh loans. This outstanding performance has reduced the state’s debt balance to approximately ₦48 billion.
Summary of the Achievement:
Debt Inherited: ₦191.2 billion
Debt Paid by Present Administration is over ₦142 billion
Debt Outstanding: ₦48.4 billion
This sharp reduction represents approximately 74.3% of the inherited debt profile in less than three years of the administration.
It is on record that no fresh loan has been taken since the assumption of the office of His Excellency, Dr. Alex Chioma Otti, OFR.
Abia State is among the states making notable progress in debt reduction.
It is worthy of mention that Abia State is among the leading states in Nigeria in debt reduction and fiscal discipline since 2023.
A repayment of over 70% of inherited debt is a strong fiscal performance by sub- national standards.
Many states in Nigeria have either maintained or increased debt levels over similar periods, while Abia reportedly reduced its burden substantially.
It is equally noteworthy that the Abia State Debt Management Office had remained largely inactive and ineffective before the appointment of Elder Benson K O Nwaigburu, PhD, by His Excellency, Dr Alex Chioma Otti, OFR. His appointment has positively changed the narrative of the office through unprecedented transformation policies anchored on accountability, transparency, and integrity. This is a clear demonstration that competent leadership, accountability, and sound economic management can produce visible results. Every reduction in debt means more resources are now available for roads, schools, healthcare, pensions, salaries, security, youth empowerment, and economic expansion.
The people of Abia State are witnessing governance driven by results, not excuses. Under Dr. Alex Chioma Otti, OFR, the state is being repositioned from debt pressure to economic prosperity.
We commend His Excellency for this bold achievement and encourage continued support for policies that promote financial responsibility and sustainable development.
May Abia State continue to rise higher under visionary leadership.
Compiled By:
Elder Benson K O Nwaigburu, Ph.D
General Manager, Abia State Debt Management Office
