Ondo Records Highest Domestic Debt Reduction In Nigeria

Ondo State has emerged as Nigeria’s most fiscally disciplined sub-national government, having reduced its domestic debt by an unprecedented 82.6 percent within a year, the highest and most significant debt reduction recorded among all the 36 states.

The outstanding achievement was attributed to the strategic economic reforms and financial prudence of Governor Lucky Aiyedatiwa’s administration since its inception.

Data from the Debt Management Office (DMO) on states’ debt comparison between 2023 and 2024 showed Ondo State at the top in reducing domestic debt in one year.

The record shows that Ondo State, under Governor Aiyedatiwa, reduced its domestic debt from N74 billion in 2023 to N12 billion in 2024, a difference of N61 billion and a percentage of 82.6.
Ebonyi state occupies the second position with 76.21 percent.

Since coming into office in December 2023, Governor Aiyedatiwa has made a top priority payment of the backlog of salaries, gratuities and contractual obligations owed by the state government.
The unprecedented development has made a significant impact on the economy of the state and restored investors’ and residents’ confidence in the government.

In the first quarter of 2024 alone, Ondo State recorded a 77 percent domestic debt reduction, amounting to ₦55.11 billion. The state’s debt profile dropped from ₦71.5 billion in December 2023 to just ₦16.4 billion by March 2024. This feat placed Ondo second only to Jigawa State in terms of domestic debt reduction during the period under review.