Introduction

Cross River State Governor Bassey Otu has confirmed a major fiscal milestone, revealing that his administration has reduced the state's inherited domestic debt by over N70 billion without resorting to new loans.

What Happened

When Otu took office in May 2023, the state faced a domestic debt burden exceeding N204 billion. Through strict fiscal management and asset recovery, the outstanding debt has been brought down to approximately N132.3 billion as of March 2026. The governor also announced that internally generated revenue rose from N21.1 billion in 2022 to N46.3 billion in 2024, marking a significant jump in the state's own-source revenue.

  • Debt reduction: N70bn trimmed from the inherited N204bn+ burden
  • Revenue growth: IGR climbed from N21.1bn to N46.3bn between 2022 and 2024
  • Asset recovery: Strategic assets reclaimed include Tinapa (from AMCON), nearly N1bn from Etung Cocoa Estates, and ongoing efforts on oil wells and the Bakassi axis

Why This Matters

Reducing domestic debt frees up resources for critical public services and infrastructure without increasing the tax burden on citizens. The IGR surge signals improved fiscal discipline and a more attractive environment for investment. By recovering strategic assets and expanding digital infrastructure, the administration aims to transition Cross River from recovery mode to sustainable wealth creation, positioning the state as a model for fiscal responsibility in the region.

The governor's emphasis on continuity underscores that sustained investment in agriculture, digital transformation, and infrastructure is essential to consolidating these gains and delivering shared prosperity across the state's 18 local government areas.

Key Takeaways

  • Debt reduction: N70bn cut from inherited debt, bringing outstanding balance to roughly N132.3bn.
  • Revenue surge: IGR more than doubled, reaching N46.3bn in 2024 from N21.1bn in 2022.
  • Asset recovery: Key recoveries include Tinapa, Etung Cocoa Estates, and strategic assets in the Bakassi axis and oil wells.
  • Infrastructure push: Obudu Cargo Airport runway reconstruction, Teachers Continuous Training Institute revival, and Akamkpa College transformation into the University of Entrepreneurship.
  • Digital advancement: Over 200km of fibre deployed, 600 residents trained in ICT, and Cross River selected for the World Bank's 2026 AI in Governance Bootcamp in Seoul.
  • Second-term agenda: Recovered assets to be turned into productive enterprises, industrial parks across three senatorial districts, expanded youth and agricultural programmes, and improved workers' welfare.

Conclusion

Governor Otu's message to supporters is clear: the foundation has been laid, and the work continues. He said voters should support continuity for the sake of Cross River's future, recalling that you do not change a farmer who has cleared the farm just when it is time to plant. As the state gears up for the 2027 general election, the administration's record of debt reduction, asset recovery, and targeted investment offers a tangible benchmark for the electorate.