Kogi ranks fifth lowest in debt, eyes mining growth

Kogi ranks fifth lowest in debt, eyes mining growth

The commissioner credited the success to the state’s aggressive implementation of global best practices in financial management.

The Kogi State government has been ranked the fifth lowest in domestic debt among Nigerian states, the Commissioner for Budget and Economic Planning, Asiwaju Asiru Idris, disclosed.

Mr Idris made the announcement in a statement in Lokoja on Tuesday.

He attributed the ranking to strategic economic and fiscal reforms embarked upon by the state government.

He said, “Our reforms have begun to yield fruitful results, with the state now ranked as the 5th lowest in domestic debt among the 36 states and the Federal Capital Territory (FCT). This is according to the latest figures released by the Debt Management Office (DMO) as of March 31. The report shows Kogi’s domestic debt stands at N20.38 billion, marking a significant drop from N121.81 billion recorded in the fourth quarter of 2023, when the state ranked 18th lowest. This reflects a remarkable debt reduction of over N101.43 billion in just over one fiscal quarter.’’

The commissioner credited 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, mostly due to Governor Ahmed Ododo’s transparent, accountable, and reform-minded leadership,” Mr Idris said.

The statement also quoted the Commissioner for Information, Kingsley Fanwo, who said that the government had acquired 15 mining licences to begin strategic participation in Nigeria’s solid minerals sector.

Mr Fanwo described the move as a bold step to diversify the state’s economy, expand its revenue base, and ensure citizens benefited directly from natural resources on their land.

“With these licences, Kogi State will take its rightful place in the mining sector, not just as a host but as an active operator, unlocking value, creating jobs for our youth, and growing our internally generated revenue. This is a major economic breakthrough for our state. We thank Mr President for enabling states like Kogi State to take charge of their destiny. Governor Ododo’s leadership is positioning Kogi State not just for today, but for a prosperous, resource-driven future,” Mr Fanwo added.

He assured that the licences would be used for environmentally responsible and community-focused mining initiatives designed to stimulate industrial growth and promote local content development.