Ondo State Tops Nigeria’s Debt Reduction Chart, Slashes Domestic Debt by 82.6%

Ondo State Tops Nigeria’s Debt Reduction Chart, Slashes Domestic Debt by 82.6%

Ondo State has emerged as Nigeria’s most fiscally disciplined sub-national government, cutting its domestic debt by an impressive 82.6% within a year, the highest reduction among the 36 states.

According to data from the Debt Management Office (DMO), the state led the pack in debt reduction between 2023 and 2024, a feat credited to the strategic reforms and financial prudence of Governor Lucky Aiyedatiwa’s administration.

In a statement, Chief Press Secretary Leke Adegbite highlighted that under Aiyedatiwa’s leadership, the state’s domestic debt fell from ₦71.5 billion in December 2023 to ₦16.4 billion by March 2024—a ₦55.11 billion reduction within the first quarter alone.

Ebonyi State ranked second with a 76.21% debt cut.

Adegbite noted that since taking office in December 2023, Aiyedatiwa has prioritized clearing salary backlogs, gratuities, and outstanding contractual obligations, revitalizing the state’s economy and restoring investor confidence.

“This unprecedented development has made a significant impact on the state’s economy. Ondo’s success is not just about numbers but reflects sound policy choices and responsible governance,” Adegbite said.

The administration’s cost-control measures have achieved these results without halting public services or sacrificing workers’ welfare. Ondo now stands out as a national model for fiscal discipline and financial resilience.