The administration of Governor Ahmed Ododo has said it has fully paid the N98.8 billion debt it inherited and owed by the administrations of former governors Idris Wada and that of his predecessor, Alhaji Yahaya Bello.
The Kogi State commissioner for finance, budget and economic planning, Asiwaju Asiru Idris stated this on Monday while briefing journalists shortly after the State Executive Council Meeting held at the Government house in Lokoja.
He noted that the payment was achieved within the last 15 months and detailed that Governor Ododo cleared the N5 billion series one and N3 billion series two bond loans collected by previous administrations in Kogi State.
He added that the N50 billion bailout, which had a tenure of 20 years, had been fully paid for by the government.
Asiru said, “The last government also took an N10 billion excess crude bank loan for infrastructure. The loan has been fully paid and liquidated. Also, the last administration took a N30 billion facility for infrastructure, N15 billion from United Bank for Africa and N15 billion from Zenith Bank.
These loans have been fully paid and liquidated. The ratings of the state have improved. The sustainability of the state is very strong, and the state has the capacity to continue to run and also take facilities”
Asiru stated that Governor Ododo has advised that the State will limit itself to the resources available while improving its internally generated revenue.
