Ondo State has emerged as Nigeria’s leading state that has reduced its domestic debt by 82.6 percent within a year, the highest debt reduction recorded among all the nation’s 36 states.
Ebonyi state follows with 76.21percent domestic debt reduction.
A statement by the governor’s spokesman, Ebenezer Adeniyan attributed the achievement to “the strategic economic reforms and financial prudence of Governor Lucky Orimisan Aiyedatiwa’s administration since its inception.”
According to the statement, 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 the Aiyedatiwa administration reduced its domestic debt from N74billion in 2023 to N12billion in 2024, a difference of N61billion and a percentage of 82.6.
Ebonyi state occupies the second position with 76.21percent.
Adeniyan said his principal has made a top priority payment of backlog of salaries, gratuities and contractual obligations owed by the state government.
He said this unprecedented development has made significant on the economy of the state and restored investors’ and residents’ confidence in 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.
He said the administration “accomplished this by implementing sweeping cost-control measures without halting public services or sacrificing workers’ welfare.
“Ondo State’s impressive debt reduction under Governor Aiyedatiwa is not merely a statistic but a reflection of deliberate policy choices, strong leadership, and responsible governance.
“With this achievement, Ondo State stands out as a model for fiscal discipline, financial resilience, and strategic planning in Nigeria’s public sector.”
