By Emmanuella Opara | November 1st 2026
KEY POINTS
- Cross River State Governor Bassey Otu says his administration reduced domestic debt by more than N70bn between May 2023 and March 2026.
- The governor said the state inherited domestic debt exceeding N204bn when he assumed office in 2023.
- Internally generated revenue rose from N21.1bn in 2022 to N46.3bn in 2024.
- His administration also reported recovering Tinapa and nearly N1bn from Etung Cocoa Estates.
- Otu outlined plans for industrial parks, infrastructure completion, agricultural investment and youth enterprise programmes if re-elected in 2027.
MAIN STORY
Cross River State Governor, Bassey Otu, has said his administration reduced the state’s domestic debt by more than N70bn between May 2023 and March 2026 without obtaining fresh loans.
Otu disclosed this on Saturday in Calabar while inaugurating the All Progressives Congress Campaign Council for the 2027 general elections, where he highlighted his administration’s financial and developmental achievements ahead of the next electoral cycle.
The governor said his government inherited domestic debt of more than N204bn when it assumed office in May 2023, alongside security challenges and a demoralised workforce.
According to him, the administration’s initial priority was to address the state’s financial difficulties, recover lost assets and establish a foundation for economic recovery.
He said, “The state’s domestic debt profile stood at over ₦204 billion as of May 2023 when I assumed office, but this figure has now been reduced as of March 2026, without contracting fresh loans. We inherited huge debts, but we have reduced them by ₦70 billion.”
Otu also reported an improvement in internally generated revenue, which increased from N21.1bn in 2022 to N46.3bn in 2024. He attributed the growth to improved fiscal discipline and efforts to strengthen revenue collection.
“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. Every debt retired is freedom for our children and house-cleaning for fresh fiscal air,” Otu said.
On asset recovery, the governor listed the retrieval of Tinapa from the Asset Management Corporation of Nigeria and the recovery of nearly N1bn from Etung Cocoa Estates among his administration’s achievements.
He also highlighted efforts to reclaim the state’s oil wells and protect its interests in Bakassi and the proposed Deep Seaport.
In the public sector, Otu said his administration lifted the employment embargo, restored more than 3,000 local government workers to the payroll and paid the first tranche of gratuities after nearly two decades.
The governor also pointed to infrastructure projects, including the reconstruction of the Obudu Cargo Airport runway, the revival of the Teachers Continuous Training Institute in Biase and the conversion of the College of Education, Akamkpa, into the University of Entrepreneurship.
He said the state was investing in cocoa, rice, potatoes, oil palm and cassava production to improve food security and create employment opportunities in rural communities.
On digital development, Otu disclosed that his administration had deployed more than 200 kilometres of fibre infrastructure in Calabar and trained over 600 residents in information and communications technology.
He also cited Cross River’s selection by the World Bank GovTech Team for the 2026 AI in Governance and Public Administration Bootcamp in Seoul, South Korea, as recognition of the state’s digital governance efforts.
For a possible second term, the governor said his priorities would include turning recovered assets into productive ventures, completing major infrastructure projects, expanding youth and agricultural enterprise programmes and establishing industrial parks across the state’s three senatorial districts.
He also promised further improvements in workers’ welfare.
Otu urged members of the newly inaugurated campaign council to take the administration’s achievements to the state’s 18 local government areas and 196 wards, insisting that the 2027 election should focus on the government’s record and future development plans.
“Continuity is an attitude of maturity. You do not change a farmer who has cleared the farm just when it is time to plant. You do not abandon a builder who has laid the foundation when it is time to raise the roof,” he said.
He subsequently inaugurated the campaign council and called on its members to conduct an issue-based campaign centred on Cross River’s development.
THE ISSUES
The reported N70bn reduction in domestic debt and increase in internally generated revenue form the central part of Otu’s case for continuity ahead of the 2027 governorship election.
However, the debt reduction figures and revenue growth are claims made by the governor. Their wider fiscal significance would depend on the state’s complete financial position, including its outstanding obligations, revenue performance and expenditure commitments.
The administration’s asset recovery efforts, infrastructure projects and employment interventions also feature prominently in its assessment of its first term.
WHAT’S BEING SAID
“The state’s domestic debt profile stood at over ₦204 billion as of May 2023 when I assumed office, but this figure has now been reduced as of March 2026, without contracting fresh loans. We inherited huge debts, but we have reduced them by ₦70 billion,” Bassey Otu, Cross River State Governor, said.
“Every debt retired is freedom for our children and house-cleaning for fresh fiscal air,” Bassey Otu, Cross River State Governor, said.
“Continuity is an attitude of maturity. You do not change a farmer who has cleared the farm just when it is time to plant. You do not abandon a builder who has laid the foundation when it is time to raise the roof,” Bassey Otu, Cross River State Governor, said.
WHAT’S NEXT
Otu’s administration is expected to pursue its proposed second-term agenda, which includes industrial parks across the three senatorial districts, completion of major infrastructure projects and expanded agricultural and youth enterprise programmes.
The governor has also tasked the APC Campaign Council with taking his administration’s record and re-election message across the state’s 18 local government areas and 196 wards.
BOTTOM LINE
Otu is making debt reduction, revenue growth, asset recovery and infrastructure development the foundation of his re-election campaign. The 2027 contest will provide voters with an opportunity to assess these claims alongside the governor’s plans for another term.
