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Governor Alex Otti reported that Abia State has so far committed N90 billion to reduce the inherited debt of N191.2 billion from the previous government, emphasizing his administration’s focus on financial accountability.
Governor Otti shared this information during his November media chat, highlighting that the N90 billion debt payment—amounting to 47.1 percent of the total debt—”demonstrates the efficiency of this administration.”
Otti pointed out that his predecessor inherited a debt of just N34.5 billion in 2015, but after eight years in office, Okezie Ikpeazu had increased Abia’s debt by more than 500 percent, leaving his administration with a much larger financial burden when it took over on May 29, 2023.
He highlighted that, while a significant portion of funds has gone toward servicing the debt, his government has avoided taking out any loans and will continue to handle the state’s financial matters with prudence.
The Abia chief executive expressed delight over the success recorded by the Abia State Public, Private and Foreign Investments Agency which was set up last year.
He said that the agency has justified the purpose for its establishment, citing the National Bureau of Statistics(NBS) report showing that Abia has so far attracted $150 foreign investments inflow to place third behind Lagos and Abuja.
While expressing his happiness that Abia has moved from 27th position to third in the ranking foreign investment destinations in Nigeria, Otti noted that investors don’t pander to emotions.
Read also: Alex Otti’s Election As Abia Governor Upheld By Appeal Court
According to him, foreign investors have been “knocking on our doors” in search of opportunities to invest in Abia, adding that the recent ones include investors from the U.S and Turkey.
On the alleged opacity of road project costs, Otti said that “there’s no rule in place stopping anybody from disclosing the cost of road projects”.
But he was quick to add that information on how much his government spends on every road project would only be made available to. “genuine people who want the information”.
Otti made it clear that government expenditure on road projects would not be given to those who want the information for propaganda and other ulterior purposes.
He announced that his government has recently awarded contracts for the construction of several road contracts across the state with total length of 83.32 kilometres.
The governor assured Abia people that all the ongoing road projects were progressing satisfactorily and would be completed according to specifications and time schedule.
