The Kogi State Government has announced the full repayment of ₦98.8 billion in debts inherited from previous administrations. The debts, which span the tenures of former Governors Idris Wada and Yahaya Bello, were cleared within the first 15 months of Governor Ahmed Usman Ododo’s administration.
Speaking after the State Executive Council meeting on Monday, the Commissioner for Finance, Budget and Economic Planning, Asiwaju Asiru Idris, revealed that several bond loans and facilities acquired for infrastructural development by the past administrations have now been fully liquidated. These include a ₦5 billion Series One and ₦3 billion Series Two bond loan, among others.
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He further disclosed that the government has paid off a ₦50 billion bailout fund, initially scheduled for repayment over a 20-year period. Additionally, an excess crude account loan of ₦10 billion, which was obtained for infrastructure, has also been settled. This, the commissioner said, is part of the administration’s commitment to financial transparency and sustainability.
Also cleared were two major loans totaling ₦30 billion, one from the United Bank for Africa (UBA) and another from Zenith Bank, both of which were reportedly utilized for infrastructure development. Asiru emphasized that with the full repayment of these obligations, Kogi State’s financial ratings and credibility have significantly improved.
Highlighting the government’s fiscal discipline, the commissioner noted that Governor Ododo has directed that the state operate strictly within its means, focusing on strengthening internally generated revenue rather than relying heavily on external borrowing. This move, he said, is aimed at fostering long-term economic sustainability and resilience.
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The commissioner assured residents that despite clearing the massive debts, the state remains financially healthy and positioned to undertake new projects. He stated that the administration’s responsible financial strategy will help ensure stability and continued development without accumulating fresh, unsustainable debt.
