The kogi state government has said its domestic debt stands at ₦20.38b, marking a significant drop from the ₦121.8b recorded in the first quarters of 2023 by Debt Management Office (DMO).
The state commissioner of Information and Communication , Kinsley Fanwo disclosed this on Tuesday in Lokoja at a press conference.
He said the released figure from DMO on March 31st, 2025, ranked kogi as the 5th lowest domestic debt among the 36 states of the federation and the Federal Capital Territory (FCT).
The state government attributed the achievements to strategic economic and fiscal reforms adopted by the present administration under governor Ahmed Usman Ododo.
“The report shows that Kogi State’s domestic debt stands at ₦20.38 billion, marking a significant drop from the ₦121.81 billion recorded in Q4 of 2023, when the state ranked 18th lowest in the country. This reflects a remarkable debt reduction of over ₦101.43 billion in just over one fiscal quarter”, he said.
The State Commissioner for Finance, Budget and Economic Planning, Asiwaju Asiru Idris said the success was due to 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 Ahmed Usman Ododo’s transparent , accountable and reform-minded leadership,” he said.
In the same vein, the Auditor General of the State, Alhaji Yakubu Okala said improved debt standing of the state 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.
However, both harp on improved revenue to the reduced need for domestic borrowing, as the State Government is conveniently funding a good number of capital projects in the State.
In a related development, the Kogi State Government says it has acquired 15 mining licenses to fully participate in solid minerals mining in the State, in its attempt to diversify the state’s economy and expand its revenue base.
According Fanwo, the move was driven by the government’s resolve to ensure that Kogites benefit directly from the natural resources on their land.
“With these licenses, Kogi will now take its rightful place in the mining sector, not just as a host but as an active operator. This will unlock value, create jobs for our teeming youth, and grow 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, resource-driven future”, he said.
He stressed that with the twin achievements of improved debt ranking ,and entry into strategic mining operations, the State is fast becoming a national model in fiscal sustainability and economic diversification.
