FISCAL DISCIPLINE: ONDO RECORDS HIGHEST DOMESTIC DEBT REDUCTION IN NIGERIA
– Gov Aiyedatiwa’s administration gets unprecedented 82.6 percent debt clearance in one year
Ondo State has emerged as Nigeria’s most fiscally disciplined sub-national government, having reduced its domestic debt by an unprecedented 82.6 percent within a year, the highest and most significant debt reduction recorded among all 36 states.
This outstanding achievement is attributed to the strategic economic reforms and financial prudence of Governor Lucky Orimisan Aiyedatiwa’s administration since its inception.
Data from the Debt Management Office (DMO) on states’ debt comparison between 2023 and 2024 showed Ondo State at the top in reducing domestic debt in one year.
The record shows that Ondo State, under Governor Aiyedatiwa, reduced its domestic debt from N74billion in 2023 to N12billion in 2024, a difference of N61billion and a percentage of 82.6.
Ebony state occupies the second position with 76.21percent.
Since coming into office in December 2023, Governor Aiyedatiwa has made a top priority payment of backlog of salaries, gratuities and contractual obligations owed by the state government.
This unprecedented development has made significant on the economy of the state and restored investors’ and residents’ confidence in government.
In the first quarter of 2024 alone, Ondo State recorded a 77 percent domestic debt reduction, amounting to ₦55.11 billion. The state’s debt profile dropped from ₦71.5 billion in December 2023 to just ₦16.4 billion by March 2024. This feat placed Ondo second only to Jigawa State in terms of domestic debt reduction during the period under review.
Governor Aiyedatiwa’s administration accomplished this by implementing sweeping cost-control measures without halting public services or sacrificing workers’ welfare.
Ondo State’s impressive debt reduction under Governor Aiyedatiwa is not merely a statistic but a reflection of deliberate policy choices, strong leadership, and responsible governance.
With this achievement, Ondo State stands out as a model for fiscal discipline, financial resilience, and strategic planning in Nigeria’s public sector.
Prince Ebenezer Adeniyan,
Chief Press Secretary to the Governor of Ondo State.
May 3, 2024.
