By Friday Idachaba, Lokoja
The Debt Management Office (DMO) Nigeria, has ranked Kogi State Government as the 5th lowest in domestic debt among the 36 states of the Federation and the Federal Capital Territory (FCT) in its latest figures released March 31.
The State Commissioner for Finance, Budget and Economic Planning, Asiwaju Asiru Idris, disclosed this in a statement on Tuesday in Lokoja.
Idris said that the strategic economic and fiscal reforms embarked upon by the State Government have begun to yield fruitful results,
According to him, the DMO report shows that Kogi State’s domestic debt stands at ₦20.38 billion, marking a significant drop from the ₦121.81 billion recorded in Q4 of 2023, when the state ranked 18th lowest in the country.
The Kogi Finance Commissioner said, this reflects a remarkable debt reduction of over ₦101.43 billion in just over one fiscal quarter.
He attributed the success to the state’s aggressive implementation of global best practices in financial management, including prudent borrowing, enhanced revenue performance, and strategic expenditure control.
“We are deliberate in our financial approach, cutting waste and focusing on impactful spending. This improvement is not accidental; it is the result of Governor Ahmed Usman Ododo’s transparent, accountable and reform-minded leadership”, he said.
Also speaking, the Auditor General of the State, Alhaji Yakubu Okala, said Kogi’s improved debt standing is evidence of transparency and effective oversight.
“We ensure that all government funds are deployed strictly for their intended purposes. His Excellency’s accounting background has brought a culture of accountability and efficiency to every level of government. Our systems now deliver more results with fewer resources”, he said.
Alhaji Okala commended Governor Ododo’s unwavering support for fiscal institutions, saying the Governor has not only backed reforms but insisted on compliance and value-for-money across all MDAs.
Both Commissioners attributed the improved revenue to the reduced need for domestic borrowing, saying the State Government is conveniently funding a good number of capital projects in the State.
In a related development, the Kogi State Government says it has acquired 15 mining licenses to begin strategic participation in the nation’s solid minerals sector in a bold move to diversify the state’s economy and expand its revenue base.
The State Commissioner for Information and Communications, Kingsley Femi Fanwo who disclosed this in a statement issued on Tuesday said the move was driven by the government’s resolve to ensure that the people benefit directly from the natural resources on their land.
“With these licenses, Kogi will now take its rightful place in the mining sector, not just as a host but as an active operator. This will unlock value, create jobs for our teeming youth, and grow our internally generated revenue,” Fanwo stated.
He also praised President Bola Ahmed Tinubu for the Federal Government’s support and the policy framework that now enables sub-national entities to participate more directly in mining and resource development.
“This is a major economic breakthrough for our state. We thank Mr President for enabling states like Kogi to take charge of their destiny. Governor Ododo’s leadership is positioning Kogi not just for today, but for a prosperous, resource-driven future,” Fanwo added.
He assured that the licenses would be put to use through environmentally responsible and community-focused mining initiatives that will stimulate industrial growth and promote local content development.
“With the twin achievements of improved debt ranking and entry into strategic mining operations, Kogi State is fast becoming a national model in fiscal sustainability and economic diversification”, he said. (Ends)