Ondo State Governor Lucky Aiyedatiwa has announced that his administration has reduced the state’s domestic debt by an unprecedented 82.6 percent within a single year through the decisive implementation of sweeping cost-control measures.
Aiyedatiwa stated that he accomplished this significant feat without disrupting public services or compromising the welfare of workers.
Data released by the Debt Management Office (DMO) comparing states’ debt between 2023 and 2024 reveals Ondo State as the frontrunner in domestic debt reduction, plummeting from N74 billion in 2023 to N12 billion in 2024 – a substantial difference of N61 billion, representing an 82.6 percent decrease.
Aiyedatiwa emphasized that this reduction is not simply a statistic but the tangible outcome of deliberate policy choices, strong leadership, and responsible governance.
Speaking through his Chief Press Secretary, Ebenezer Adeniyan, Aiyedatiwa asserted that this development has significantly boosted the state’s economy and restored the confidence of investors and residents in his administration.
““This outstanding achievement is attributed to the strategic economic reforms and financial prudence of Governor Lucky Aiyedatiwa’s administration since its inception.
“Since coming into office in December 2023, Governor Aiyedatiwa has made a top priority payment of backlog of salaries, gratuities and contractual obligations owed by the state government.
Adeniyan further highlighted that “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.
“With this achievement, Ondo State stands out as a model for fiscal discipline, financial resilience, and strategic planning in Nigeria’s public sector.”Adeniyan concluded.
