RismadarVoice Reporters
November 1, 2026
Cross River State Governor, Bassey Otu, has announced that his administration reduced the state’s domestic debt by more than ₦70 billion since assuming office in May 2023, attributing the development to fiscal discipline, improved revenue generation and prudent financial management.
Otu disclosed this on Saturday, October 31, while inaugurating the All Progressives Congress (APC) Campaign Council for the 2027 general elections in Calabar.
According to the governor, the state’s domestic debt stood at approximately ₦204 billion when he assumed office but declined to ₦132.3 billion by March 2026 without contracting fresh loans.
The Debt Management Office’s latest published figures indicate a further reduction to approximately ₦130.01 billion as of June 2026, compared with ₦204.05 billion in June 2023.
Otu explained that his administration initially concentrated on stabilising the state’s finances, recovering abandoned assets and restoring public confidence in government institutions.
He disclosed that internally generated revenue increased from ₦21.1 billion in 2022 to approximately ₦46.3 billion in 2024, attributing the improvement to stronger revenue collection and financial reforms.
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Separate National Bureau of Statistics figures placed the state’s 2024 internally generated revenue at approximately ₦47.02 billion.
The governor also highlighted efforts to recover strategic government assets, including the Tinapa Business and Leisure Resort from the Asset Management Corporation of Nigeria.
He reported the recovery of nearly ₦1 billion from Etung Cocoa Estates and other public assets, alongside continuing efforts to reclaim disputed oil interests.
On workers’ welfare, Otu said his administration had lifted employment restrictions, restored more than 3,000 local government workers to the payroll and commenced payments of outstanding gratuities.
He further identified the reconstruction of the Obudu Cargo Airport runway, the revival of the Teachers Continuous Training Institute in Biase and the transformation of Akamkpa College into a specialised entrepreneurship university among his administration’s infrastructure and educational initiatives.
Otu also cited public-private partnerships involving the state garment factory and Obudu Ranch Resort as part of efforts to revitalise underutilised assets.
Addressing campaign officials, the governor urged them to communicate the administration’s development record to voters while conducting political activities peacefully.
He maintained that his administration’s next development phase would prioritise wealth creation, infrastructure completion, agricultural expansion and improved economic opportunities for residents.
