The Debt Management Office (DMO) Nigeria, has ranked Kogi State Government as the 5th lowest in domestic debt among the 36 states of the Federation and the Federal Capital Territory (FCT) in its latest figures released March 31.
The State Commissioner for Finance, Budget and Economic Planning, Asiwaju Asiru Idris, disclosed this in a statement on Tuesday in Lokoja.
Idris said that the strategic economic and fiscal reforms embarked upon by the State Government have begun to yield fruitful results,
According to him, the DMO 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.
The Kogi Finance Commissioner said this reflects a remarkable debt reduction of over ₦101.43 billion in just over one fiscal quarter.
He attributed 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. This improvement is not accidental; it is the result of Governor Ahmed Usman Ododo’s transparent, accountable and reform-minded leadership”, he said.
Also speaking, the Auditor General of the State, Alhaji Yakubu Okala, said Kogi’s improved debt standing 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.
Alhaji Okala commended Governor Ododo’s unwavering support for fiscal institutions, saying the Governor has not only backed reforms but insisted on compliance and value-for-money across all MDAs.
Both Commissioners attributed the improved revenue to the reduced need for domestic borrowing, saying the State Government is conveniently funding a good number of capital projects in the State.
