Ondo State has recorded the most substantial domestic debt reduction among Nigeria’s 36 states, cutting its internal liabilities by a remarkable 82.6 percent in just one year.
This milestone highlights the state’s growing reputation for fiscal responsibility and effective governance under Governor Lucky Orimisan Aiyedatiwa.
According to the latest data from the Debt Management Office (DMO), Ondo State’s domestic debt dropped from ₦74 billion in 2023 to ₦12 billion in 2024—an impressive decrease of ₦61 billion. This represents the highest percentage reduction in domestic debt by any state within the period, with Ebonyi State coming second at 76.21 percent.
Governor Aiyedatiwa, who assumed office in December 2023, prioritized the settlement of outstanding salaries, gratuities, and contractual obligations—moves that have significantly stabilized the state’s economy and restored public and investor confidence.
In just the first quarter of 2024, Ondo State achieved a 77 percent reduction in domestic debt, cutting it from ₦71.5 billion in December 2023 to ₦16.4 billion by March 2024. While this placed the state second only to Jigawa State in quarterly debt reduction, the overall annual figure positioned Ondo as the national leader.
This progress was made possible through the introduction of strong cost-cutting initiatives and improved financial management, all without compromising on service delivery or employee welfare.
The debt reduction achievement is seen not only as a statistical success but as a product of deliberate, focused policymaking and a commitment to prudent financial stewardship.
Under Governor Aiyedatiwa’s leadership, Ondo State is fast becoming a benchmark for other states striving for economic discipline and sustainability in Nigeria.
