He mentioned the money owed had been totally paid off inside the first 15 months of Governor Ahmed Usman Ododo's administration. The Kogi State Authorities mentioned it had cleared N98.8 billion in money owed inherited from earlier administrations, marking what officers described as a significant step in the direction of financial restoration and financial self-discipline. …
He mentioned the money owed had been totally paid off inside the first 15 months of Governor Ahmed Usman Ododo’s administration.
The Kogi State Authorities mentioned it had cleared N98.8 billion in money owed inherited from earlier administrations, marking what officers described as a significant step in the direction of financial restoration and financial self-discipline.
Commissioner for Finance, Price range and Financial Planning, Asiwaju Idris, made the announcement Monday throughout a post-Government Council briefing on the Authorities Home in Lokoja. He mentioned the money owed had been totally paid off inside the first 15 months of Governor Ahmed Ododo’s administration.
“It is a landmark achievement. His Excellency Governor Ododo has demonstrated fiscal self-discipline and dedication to financial restoration. Inside 15 months, we’ve cleared N98.8 billion in inherited debt,” Mr Idris mentioned.
The breakdown consists of N8 billion in bonds from the Idris Wada administration, N50.8 billion in wage bailouts from the final authorities, a N10 billion infrastructure mortgage backed by the Extra Crude Account, and infrastructure loans totalling N30 billion from Zenith Financial institution and UBA Plc.
The commissioner additionally mentioned the state’s credit standing has been upgraded by Fitch Scores from ‘B-‘ to ‘B’ with a secure outlook, attributing the development to prudent monetary administration. As of September 30, 2024, the state’s debt profile stood at N40.5 billion.
Governor Ododo, in the course of the council assembly, urged authorities officers to deepen engagement with communities and assist native industries. He directed all officers to put on made-in-Kogi materials as a part of efforts to advertise indigenous companies and strengthen grassroots connections.
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We’re in authorities to serve the folks, and meaning staying related to their wants and aspirations,” the governor was quoted as saying.
Data Commissioner Kingsley Fanwo described the directive as a symbolic and financial gesture to spice up native pleasure and manufacturing. He mentioned infrastructure tasks, together with perimeter fencing and hostel buildings on the Confluence College of Science and Expertise, Osara, had been nearing completion, whereas works at Kogi State College, Kabba, had been additionally progressing.
The council additionally authorised a invoice to limit heavy truck actions throughout peak hours and one other to ascertain a state company for local weather change response.
The announcement comes amid rising concern over rising debt ranges amongst Nigerian states and the shortage of transparency round how they borrow and repay.
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