C River: We ve reduced domestic debt by N70bn -Gov. Otu
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Verified Synthesis~25s readCross River State governor, Senator Bassey Otu, on Saturday, presented his administration’s record of debt reduction, asset recovery, infrastructure renewal and public service reforms as evidence of progress under the People First Agenda, declaring that a second term would propel the state from economic recovery to wealth creation and shared prosperity. Otu made the declaration in Calabar, while inaugurating the Cross River State All Progressives Congress (APC) Campaign Council for the 2027 general elections. “Every debt retired is freedom for our children and house-cleaning for fresh fiscal air,” he said, adding that improved revenue and financial discipline would strengthen investment in public services. The governor identified the recovery of strategic public assets as another major achievement, citing the reclamation of Tinapa from the Asset Management Corporation of Nigeria (AMCON), the recovery of nearly ₦1 billion from Etung Cocoa Estates and other public assets, and ongoing efforts to reclaim the state’s oil wells and secure its interests in the Bakassi axis and proposed Deep Seaport.
Context & Background
- ✦He also disclosed that internally generated revenue increased from ₦21.1 billion in 2022 to ₦46.3 billion in 2024.
Key Figures & Named Entities
Saturday:Cross River State governor, Senator Bassey Otu, on Saturday, presented his administration’s record of debt reduction, asset recovery, infrastructure renewal and public service reforms as evidence of progress under the People First Agenda, declaring that a second term would propel the state from economic recovery to wealth creation and shared prosperity. Otu made the declaration in Calabar, while inaugurating the Cross River State All Progressives Congress (APC) Campaign Council for the 2027 general elections.2023:He charged party leaders and campaign officials to take the administration’s achievements to the electorate, insisting that continuity was essential to consolidating the foundations already laid for sustainable development. Reflecting on the circumstances surrounding his assumption of office in May 2023, the governor said the state was grappling with insecurity, a demoralised public service and underutilised public assets.2026:“We did not promise all things in one year, but we covenanted to stop the bleeding, clear the ground, recover the losses and restore abandonments,” he said, describing the administration’s first phase as one of recovery and restoration. On fiscal management, Otu said his government had reduced the inherited domestic debt of more than ₦204 billion by over ₦70 billion without taking fresh loans, bringing the outstanding debt to approximately ₦132.3 billion as of March 2026.
Outlook & Next Steps
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Key Takeaways
Verified Extract- Cross River State governor, Senator Bassey Otu, on Saturday, presented his administration’s record of debt reduction, asset recovery, infrastructure renewal and public service reforms as evidence of progress under the People First Agenda, declaring that a second term would propel the state from economic recovery to wealth creation and shared prosperity. Otu made the declaration in Calabar, while inaugurating the Cross River State All Progressives Congress (APC) Campaign Council for the 2027 general elections.
- “Every debt retired is freedom for our children and house-cleaning for fresh fiscal air,” he said, adding that improved revenue and financial discipline would strengthen investment in public services. The governor identified the recovery of strategic public assets as another major achievement, citing the reclamation of Tinapa from the Asset Management Corporation of Nigeria (AMCON), the recovery of nearly ₦1 billion from Etung Cocoa Estates and other public assets, and ongoing efforts to reclaim the state’s oil wells and secure its interests in the Bakassi axis and proposed Deep Seaport.
- He also disclosed that internally generated revenue increased from ₦21.1 billion in 2022 to ₦46.3 billion in 2024.
Key Facts:Saturday: Cross River State governor, Senator Bassey Otu, on Saturday, presented his administration’s record of debt reduction, asset recovery, infrastructure renewal and public service reforms as evidence of progress under the People First Agenda, declaring that a second term would propel the state from economic recovery to wealth creation and shared prosperity. Otu made the declaration in Calabar, while inaugurating the Cross River State All Progressives Congress (APC) Campaign Council for the 2027 general elections.2023: He charged party leaders and campaign officials to take the administration’s achievements to the electorate, insisting that continuity was essential to consolidating the foundations already laid for sustainable development. Reflecting on the circumstances surrounding his assumption of office in May 2023, the governor said the state was grappling with insecurity, a demoralised public service and underutilised public assets.2026: “We did not promise all things in one year, but we covenanted to stop the bleeding, clear the ground, recover the losses and restore abandonments,” he said, describing the administration’s first phase as one of recovery and restoration. On fiscal management, Otu said his government had reduced the inherited domestic debt of more than ₦204 billion by over ₦70 billion without taking fresh loans, bringing the outstanding debt to approximately ₦132.3 billion as of March 2026.2022: He also disclosed that internally generated revenue increased from ₦21.1 billion in 2022 to ₦46.3 billion in 2024.
Editorial Excerpt
Cross River State governor, Senator Bassey Otu, on Saturday, presented his administration’s record of debt reduction, asset recovery, infrastructure renewal...
Frequently Asked Questions About This Story
What is the latest development regarding Cross River State?
Cross River State governor, Senator Bassey Otu, on Saturday, presented his administration’s record of debt reduction, asset recovery, infrastructure renewal and public service reforms as evidence of progress under the People First Agenda, declaring that a second term would propel the state from economic recovery to wealth creation and shared prosperity. Otu made the declaration in Calabar, while inaugurating the Cross River State All Progressives Congress (APC) Campaign Council for the 2027 general elections.
Who are the key organizations or public figures mentioned?
The primary parties identified in this coverage include Cross River State, All Progressives Congress, Calabar.
What timeline or key figures were confirmed?
Cross River State governor, Senator Bassey Otu, on Saturday, presented his administration’s record of debt reduction, asset recovery, infrastructure renewal and public service reforms as evidence of progress under the People First Agenda, declaring that a second term would propel the state from economic recovery to wealth creation and shared prosperity. Otu made the declaration in Calabar, while inaugurating the Cross River State All Progressives Congress (APC) Campaign Council for the 2027 general elections.
