Merry Christmas Abia!! From Debt to Prosperity. #AbiaState #Prosperity
As the festive season dawns on Abia State, the atmosphere is filled with an air of excitement and anticipation. The people of Abia State have every reason to be joyful, as their state is on the cusp of a major transformation. Under the visionary leadership of Governor Dr. Alex Otti, Abia State is steadily marching towards a debt-free future, a feat that will have far-reaching implications for the state’s economy and its people.
The journey to this milestone has not been easy. For years, Abia State had been grappling with a debilitating debt burden that had stifled its growth and development. However, with Governor Otti’s assumption of office, the state’s fortunes began to change. His administration’s commitment to transparency, accountability, and prudent financial management has been the key driver of this transformation. As a result, Abia State is now poised to become one of the first states in Nigeria to achieve debt-free status.
The significance of this achievement cannot be overstated. A debt-free Abia State will be better equipped to allocate its resources towards critical sectors such as education, healthcare, and infrastructure. This, in turn, will have a positive impact on the state’s economy, creating jobs, stimulating growth, and improving the overall quality of life for its citizens. As Abia State celebrates this major milestone, it is clear that its future is brighter than ever.
As Christmas lights illuminated the streets of Abia State, Governor Dr. Alex Otti has is working on his special gift for his people. He’s envisioning a future where Abia State was debt-free, and he is determined to make it a reality before handing over to his successor in 2031, With a debt profile of ₦147.3 billion as of 2022, Governor Otti knew that it wouldn’t be an easy task, but he was committed to achieving it.
Governor Otti’s administration had already made significant strides in managing the state’s finances. In the first year of his administration, the state’s internally generated revenue (IGR) increased by 25% from ₦12.8 billion to ₦16.1 billion. This improvement in IGR was largely due to the governor’s efforts to block leakages and implement efficient revenue collection systems.
As the Governor and his team worked tirelessly to implement their debt repayment plan, the people of Abia State began to feel the impact. Local businesses will still thrive, jobs being created, and the state’s economy will growing. According to a recent report, the state’s GDP growth rate increased from 3.5% in 2022 to 5.2% in 2023, making it one of the fastest-growing economies in Nigeria.
One of these Christmas days hopefully, Governor Otti may stood before the people of Abia State, a broad smile on his face. “My dear people,” he will say, “I am proud to announce that we have made significant progress in paying off our debts. We are one step closer to achieving our goal of a debt-free Abia State.” I can bet you that the crowd will erupt in cheers and applause, and Governor Otti continued, “This Christmas, we celebrate not just the birth of our Lord Jesus Christ, but also the birth of a new era of financial freedom for our beloved state.”
As part of his debt repayment plan, Governor Otti through his dedicated team of consultants will have negotiated with the state’s creditors to restructure its debts and reduce the interest rates. This move would save the state approximately ₦5.6 billion in interest payments annually. As we speak, the governor has also implemented a number of cost-saving measures, including reducing the state’s workforce by 10% and eliminating unnecessary expenses.
As the celebrations continued, the people of Abia State know that they have a leader who is committed to their well-being and prosperity. And with Governor Otti at the helm, they are confident that Abia State will indeed become debt-free, and that their future is bright and prosperous. With a projected debt repayment period of 5 years, the people of Abia State should be confident and look forward to a future where their state is financially free and empowered to achieve its full potential.
Merry Christmas and Happy New Year, 2025!
Dr Chukwuemeka Ifegwu Eke writes from the University of Abuja Nigeria.
