Governor Otti Reduces Inherited Debt from Ikpeazu’s administration by Nearly ₦90 Billion Without Borrowing
In a significant display of fiscal responsibility and financial prudence, Abia State Governor, Alex Chioma Otti, OFR, has announced that his administration has successfully reduced the state’s inherited debt by nearly ₦90 billion. This achievement comes in the wake of a staggering ₦191.2 billion debt left by his predecessor, former Governor Okezie Ikpeazu. Governor Otti made the revelation during his monthly media chat, “Dr. Alex Otti Speaks to Abians,” underscoring his commitment to transparent governance and financial stewardship.
Governor Otti, who assumed office on May 29, 2023, disclosed that his predecessor inherited a debt of ₦34.2 billion from former Governor T.A. Orji. However, under the leadership of Okezie Ikpeazu, the state’s debt ballooned to a staggering ₦191.2 billion by the time he handed over the reins to Otti. The scale of the debt presented a significant challenge, but Governor Otti’s administration has made remarkable strides in addressing this financial burden.
One of the most notable aspects of Governor Otti’s achievement is that the reduction of nearly ₦90 billion in debt was accomplished without borrowing additional funds. Instead, the Otti administration has focused on leveraging existing state resources and streamlining financial management. Governor Otti emphasized that his government has directed available funds toward crucial infrastructure projects, improving healthcare services, upgrading education, and strengthening security efforts across the state.
"I want to be clear: We’ve reduced Abia’s inherited debt by almost ₦90 billion without borrowing a kobo," Otti stated during the media chat. "This progress reflects our determination to manage Abia’s finances responsibly and invest in essential projects that genuinely benefit the people."
Governor Otti’s financial strategy has been hailed as an example of responsible governance, focusing on sustainable development and prioritizing the welfare of the people of Abia State. The governor’s approach has not only mitigated the financial burden left by previous administrations but has also set the stage for future economic growth. By reducing debt, Otti’s administration is creating more room for development projects and social programs aimed at improving the living standards of Abians.
The successful debt reduction also speaks to the governor’s broader vision for the state, which includes boosting local industries, enhancing infrastructural development, and attracting investments. Despite inheriting a precarious fiscal situation, Governor Otti has positioned Abia State on a path toward financial recovery and long-term growth.
Since assuming office, Governor Otti has been focused on improving key sectors such as infrastructure, healthcare, education, and security. The administration has channeled resources into building and rehabilitating roads, upgrading hospitals, and enhancing the quality of education. These efforts are designed not only to address immediate needs but also to create a foundation for sustained development that will benefit future generations.
Governor Otti’s efforts to reduce debt and invest in critical areas of development have earned him praise from both within and outside the state. His leadership is seen as a step toward financial accountability and a brighter future for Abia State.
Governor Alex Otti’s administration has made remarkable progress in reducing Abia State’s inherited debt by nearly ₦90 billion in just a few months, achieving this feat without resorting to additional borrowing. His strategic approach to managing the state’s finances, focusing on sustainable growth and development, offers a hopeful outlook for the future of Abia State. Through prudent financial management and a commitment to transparent governance, Governor Otti is laying the groundwork for a prosperous and self-sustaining Abia.
