By Friday Idachaba | Lokoja
Kogi State has been ranked the 5th lowest in domestic debt among Nigeria’s 36 states and the Federal Capital Territory (FCT), according to the latest report released by the Debt Management Office (DMO) as of March 31, 2025.
The milestone reflects a sharp and commendable drop in the state’s debt burden—from ₦121.81 billion in Q4 2023 to ₦20.38 billion—a reduction of over ₦101 billion in just one fiscal quarter.
State Commissioner for Finance, Budget and Economic Planning, Asiwaju Asiru Idris, who disclosed this in Lokoja on Tuesday, said the achievement is a direct outcome of the Governor Ahmed Usman Ododo-led administration’s economic reforms, prudent fiscal management, and commitment to transparency.
“This improvement is not by chance. We have pursued aggressive reforms, cut waste, and improved revenue performance. Our debt reduction is the fruit of Governor Ododo’s disciplined and reform-driven leadership,” Idris said.
Also commenting, State Auditor General Alhaji Yakubu Okala noted that the improved debt position is a sign of effective financial oversight and a growing culture of accountability within government institutions.
“His Excellency’s background in accounting has transformed the way we manage public funds. Today, every naira counts—and it shows in the results we are getting,” Okala stated.
He added that with stronger revenue performance and disciplined spending, the government has reduced dependence on borrowing and is successfully funding capital projects through internally generated funds.
In a major step toward economic diversification, the Kogi State Government has also acquired 15 mining licenses, signaling its official entry into Nigeria’s solid minerals sector.
Commissioner for Information and Communications, Kingsley Femi Fanwo, announced the development, describing it as a landmark achievement aimed at unlocking the economic potential of the state’s natural resources.
“Kogi will no longer be a passive host of mineral wealth. We are now active players. These licenses will generate jobs, boost industrial growth, and enhance internally generated revenue,” Fanwo said.
He thanked President Bola Ahmed Tinubu for the enabling policies that now allow sub-national entities to participate in resource development, adding that the new licenses will be implemented through environmentally responsible and community-oriented mining programs.
“This is a strategic breakthrough for our state. Governor Ododo is positioning Kogi for a future powered by responsible resource management and inclusive economic growth,” he added.
With its improved debt profile and bold move into mining, Kogi is fast emerging as a national model for fiscal responsibility and economic innovation.
“We’re not only cutting debt—we’re creating new wealth. Kogi is proving that with discipline, vision, and political will, states can take charge of their economic destiny,” Fanwo concluded.