Kogi State achieves remarkable debt reduction, climbs to 5th lowest in domestic debt, acquires 15 mining licences

By Ezurike Ugochukwu

The strategic economic and fiscal reforms of the Kogi State government have indeed yielded fruitful results. The state now ranked as having the fifth lowest domestic debt among the 36 states of the federation and the Federal Capital Territory (FCT).

Going by the latest figures made available by the Debt Management Office (DMO) as of March 31, 2025, Kogi State’s domestic debt stands at ₦20.38 billion, a significant drop from ₦121.81 billion recorded in Q4 of 2023 when the state ranked 18th lowest in the country. This reflects a remarkable debt reduction of over ₦101.43 billion in just over one fiscal quarter.

Speaking on the achievement, the Commissioner for Finance, Budget and Economic Planning, Asiwaju Asiru Idris, attributed the success to the state’s aggressive implementation of global best practices in financial management, including prudent borrowing, enhanced revenue performance, and strategic expenditure control.

Gov Usman Ododo

“We are deliberate in our financial approach, cutting waste and focusing on impactful spending. This improvement is not accidental; it is the result of Governor Ahmed Usman Ododo’s transparent, accountable and reform-minded leadership,” he said.

Also speaking, the Auditor General of the State, Alhaji Yakubu Okala, said Kogi’s improved debt standing is evidence of transparency and effective oversight.

“We ensure that all government funds are deployed strictly for their intended purposes. The governor’s accounting background has brought a culture of accountability and efficiency to every level of government. Our systems now deliver more results with fewer resources,” he said.

Alhaji Okala commended Ododo’s unwavering support for fiscal institutions, saying that the governor has not only backed reforms but insisted on compliance and value-for-money across all Ministries, Departments and Agencies (MDAs).

Both the Commissioner for Finance and the Auditor General of the State agreed that the results are products of the hard work by the finance team in the last administration and the consolidation of the current administration in the state to ensure that the resources serve the people of the state.

They also attributed improved revenue to the reduced need for domestic borrowing, saying the state government is conveniently funding a good number of capital projects.

In a related development, the state government said it has acquired licences to fully participate in solid minerals mining in the state, as part of effort to diversify the state’s economy and expand its revenue base.

The state government has further confirmed it has acquired 15 mining licenses to fully participate in solid minerals mining in the state, as part of its effort to diversify the state’s economy and expand its revenue base.