C’ River: We’ve Reduced Domestic Debt by N70bn, Governor Otu.
Otu made the declaration in Calabar, while inaugurating the Cross River State All Progressives Congress (APC) Campaign Council for the 2027 general election.
He charged party leaders and campaign officials to take the administration’s achievements to the electorate, insisting that continuity was essential to consolidating the foundations already laid for sustainable development.
Reflecting on the circumstances surrounding his assumption of office in May 2023, the governor recalled that the state was grappling with insecurity, a demoralised public service and underutilised public assets.
“We did not promise all things in one year, but we covenanted to stop the bleeding, clear the ground, recover the losses and restore abandonments,” he said, describing the administration’s first phase as one of recovery and restoration. On fiscal management, Otu disclosed that his government had reduced the inherited domestic debt of more than N204 billion by over N70 billion without taking fresh loans, bringing the outstanding debt to approximately N132.3 billion as of March 2026. He also disclosed that internally generated revenue increased from N21.1 billion in 2022 to N46.3 billion in 2024. “Every debt retired is freedom for our children and house-cleaning for fresh fiscal air,” he said, adding that improved revenue and financial discipline would strengthen investment in public services.
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