I’ve paid N90bn out of inherited debt without borrowing — Gov Otti

Abia State Governor, Alex Otti, has announced that his administration has paid off N90 billion of the N191.2 billion debt inherited from past administrations within 15 months, without taking on any new loans.

Speaking during a media session on Thursday night in Umuahia, Otti emphasized that his administration has not borrowed any funds to date. 

Governor Otti stressed that, despite the substantial debt repayment, his administration has been able to fund critical projects and cover recurrent expenses, including regular payment of salaries and pensions

He also shared that Abia State secured $159 million in foreign direct investments between June 2023 and June 2024, highlighting his efforts to attract external funding.

ALSO READ: NEMA distributes relief items to Rivers flood victims

He attributed the state’s financial achievements to careful management of resources, which have been allocated to infrastructure projects, salaries, pensions, and other state obligations.

Otti said: “I inherited N191.3 billion from my predecessor in May 2023. My predecessor inherited about N35 billion from his predecessor in 2015.

“But today, my administration has paid over N90 billion of the debt we inherited.

“We still pay salaries and pensions every month. And I have not borrowed a Kobo from anybody.

“The achievements you see today are a product of prudent management of scare resources.”

Tribune Online reports that the Abia State Government has announced its readiness to implement the new N70,000 minimum wage for its workers.

 

NIGERIAN TRIBUNE