C’ River: We’ve Reduced Domestic Debt by N70bn, Governor Otu
* IGR hit N46.3bn in 2024 Cross River State Governor, Senator Bassey Otu, Saturday, presented his administration’s record of debt reduction, asset recovery, infrastructure renewal and public service reforms as
Cross River State Governor, Senator Bassey Otu, showcased his administration's financial reforms and achievements during a speech in Calabar, ahead of the 2027 general election. Otu declared that the state had reduced its domestic debt by over N70 billion without taking on new loans, bringing the total outstanding debt to around N132.3 billion as of March 2026.
The governor credited the administration's fiscal discipline and improved revenue for this accomplishment. He also revealed that internally generated revenue had increased from N21.1 billion in 2022 to N46.3 billion in 2024. Otu listed several infrastructure and economic development projects as additional achievements, including the reclamation of strategic assets such as Tinapa, the recovery of N1 billion from Etung Cocoa Estates, and the revival of the Teachers Continuous Training Institute.
He emphasized that continuity would be vital in consolidating the foundations laid for sustainable development and that the government's priorities under his second term would include turning recovered assets into productive enterprises, expanding youth and agricultural enterprise programs, and improving workers' welfare.
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