Cross River State Announces Reduction of Debt by 70 Billion
Governor Bassey Edet Otu of Cross River State has disclosed that his government has decreased the state’s domestic debts by over 70 billion naira. He said his administration hugely inherited debts, insecurity and a demoralised workforce from the past government.
Bassey Otu noted that the state, under his watch, has continued to focus on recovering lost assets and on economic recovery.
The state’s internally generated revenue now stands at 46.3 billion naira as of 2024. He explained that the increment from 21.1 billion naira in 2022 is sustained by the growth, discipline and revenue drive.
“The state’s domestic debt profile stood at over 204 billion as of May 2023 when I assumed office, but this figure has now been reduced as of March 2026, without contracting fresh loans. We inherited giant debts, but we have reduced them by 70 billion.”
“We did not promise to achieve everything in one year, but we will clear the ground, recover the losses, and restore what has been abandoned.” Every debt retired is freedom for our children and housecleaning for fresh fiscal air.”
Governor Edet also listed various achievements of his administration over the past three years in office. The list includes the recovery of Tinapa from the Asset Management Corporation of Nigeria and the recovery of nearly 1 billion naira from Etung Cocoa Estates. He said plans are underway to reclaim the state’s oil wells and protect its interests in Bakassi and the proposed Deep Seaport.
Recounting further, the state government also stated that it has restored the employment of over 3,000 local government workers to the payroll and paid the first tranche of gratuities after almost 20 years.
On infrastructure, Otu cited the reconstruction of the Obudu Cargo Airport runway, the revival of the Teachers Continuous Training Institute, Biase, and the conversion of the College of Education, Akamkpa, to the University of Entrepreneurship, among others.
After re-election, Prince Bassey Otu has pledged that he will focus on converting recovered government assets into productive ventures, completing major infrastructure projects in the state, expanding youth and agricultural enterprise programmes, establishing industrial parks across the three senatorial districts and improving workers’ welfare.
