Otti: Abia Has Repaid 75% Of Inherited Multilateral Debt
By Our Correspondent, ABIA STATE – Abia State Governor, Alex Otti, says his administration has reduced the state’s debt to multilateral organisations from about N148 billion to N48.4 billion, representing a repayment of nearly 75 per cent.
Otti disclosed this while giving an update on his administration’s management of the state’s inherited financial obligations.
According to the governor, figures from the Debt Management Office (DMO) showed that Abia inherited substantial obligations to multilateral organisations, with the outstanding debt standing at approximately N148 billion.
He said his administration had since made significant repayments, bringing the balance down to about N48.4 billion.
“The debt owed to multilateral organisations was around N148 billion, according to the DMO. We have reduced that debt to about N48.4 billion, meaning we have paid down almost 75% of the loan,” Otti said.
The governor’s latest disclosure comes against the backdrop of an earlier breakdown of Abia’s inherited financial liabilities. In June 2023, the state government said it inherited total liabilities of about N191.2 billion from the previous administration, including loan balances, domestic obligations and external debts.
The 2023 breakdown put the inherited loan balance at about N77.93 billion, domestic liabilities at N71.02 billion and external debts at N42.29 billion.
Otti’s latest figures, however, specifically concern the state’s obligations to multilateral organisations and indicate a substantial reduction in that component of the debt profile.
The issue of Abia’s inherited debt has previously attracted political debate, with the state chapter of the Peoples Democratic Party disputing aspects of the Otti administration’s claims and calling for supporting records.
The governor’s statement therefore provides a fresh update on the administration’s reported progress in reducing Abia’s outstanding multilateral obligations.
