Cross River Governor Otu Claims N70 billion Domestic Debt Cut and Revenue Gains Ahead of 2027 Campaign

Cross River State Governor Senator Bassey Otu used a rally in Calabar on Saturday to outline what he described as a record of fiscal prudence, asset recovery and infrastructure renewal achieved since he took office in May 2023. During the launch ceremony for the Cross River State All Progressives Congress (APC) Campaign Council targeting the 2027 general election, Otu stated that the administration has reduced the inherited local debt by over N70 billion while boosting internally generated revenue (IGR) from N21.1 billion in 2022 to N46.3 billion in 2024.

The governor presented these statistics as proof that the People First Agenda is guiding the state from economic recovery toward wealth creation and shared prosperity. He urged party leaders and campaign officials to communicate these achievements to voters, arguing that continuity would consolidate the foundations already laid for sustainable development.

Background

When Otu assumed the governorship in May 2023, Cross River faced a combination of security challenges, a demoralised public service and under‑utilised public assets. He described the initial year of his tenure as a period of recovery and restoration, vowing to halt fiscal losses, prepare the foundation, recoup damages, and revive neglected initiatives.

Fiscal management was a central theme of his address. Otu disclosed that the state inherited domestic debt exceeding N204 billion and that, without taking fresh loans, his government reduced that liability by over N70 billion, bringing the outstanding balance to roughly N132.3 billion as of March 2026. In parallel, the administration reported a more than doubling of IGR, rising to N46.3 billion in 2024.

Asset recovery formed another pillar of the governor’s narrative. He cited the reclamation of the Tinapa resort from the Asset Management Corporation of Nigeria (AMCON), the retrieval of nearly N1 billion from Etung Cocoa Estates, and ongoing efforts to regain control of state oil wells, interests in the Bakassi axis and a proposed deep‑sea port.

Infrastructure and service delivery were also highlighted. The initiatives cited encompassed rebuilding the runway at Obudu Cargo Airport, reopening the Teachers Continuous Training Institute in Biase, transforming Akamkpa College into a University of Entrepreneurship, and transferring the Garment Factory and Obudu Ranch to private investors. Road construction, expansion of the Cally Air fleet, and the growing economic impact of Carnival Calabar were presented as further signs of progress.

Agriculture and digital transformation were positioned as future growth drivers. Otu noted investments in cocoa, rice, potatoes, palm fruit and cassava, alongside the deployment of more than 200 kilometres of fibre infrastructure across Calabar and ICT training for over 600 residents.

Why it matters

The reported debt reduction and revenue growth have direct implications for the state’s fiscal space, potentially freeing resources for public service improvements and capital projects. Restoring over 3,000 local government workers to the payroll and paying the first tranche of gratuities after nearly two decades were cited as tangible benefits for civil servants.

Asset recoveries, particularly the Tinapa resort and Etung Cocoa Estates, could enhance the state’s revenue base and attract private investment. Infrastructure upgrades such as the Obudu airport runway and expanded air services are expected to boost tourism and trade, while the development of a University of Entrepreneurship aims to nurture local talent and entrepreneurship.

The governor’s emphasis on continuity suggests that a second term would allow the administration to complete inherited projects and sustain viable investments, a message aimed at persuading voters that the current trajectory will lead to broader prosperity.

What happens next

Otu’s remarks were made during the launch of the APC Campaign Council, signalling that the debt‑reduction narrative will feature prominently in the party’s 2027 election platform. No specific legislative or policy steps were outlined beyond the promise of continued fiscal discipline and ongoing asset reclamation. The governor’s administration is expected to maintain its current course of public‑private partnerships and infrastructure projects as it seeks re‑election, with the next major electoral test slated for the 2027 general elections.

The statements from both ThisDay and Daily Trust align on the key figures—N70 billion debt reduction, IGR of N46.3 billion in 2024, and a remaining debt balance of about N132.3 billion—providing a consistent picture of the governor’s claimed achievements.