BY FAVOUR PERCY-IDUBOR/ BENIN
EDO State Governor, Sen Monday Okpebholo has reduced the state’s domestic debt by a staggering ₦30.6 billion within three months.
This reduction was made known through the newly-released data from the Debt Management Office (DMO). According to the data, the state’s domestic debt dropped from ₦113 billion in Q4 2024 to ₦82.4 billion in Q1 2025, the most substantial quarter-on-quarter debt reduction recorded among all Nigerian states within the period.
This development came at a time when at least 10 other states reportedly accumulated a combined ₦417.7 billion in new domestic debt despite increased revenue inflows from the Federation Account Allocation Committee (FAAC).
Speaking at a recent policy retreat in Benin City, Governor Okpebholo emphasized his administration’s commitment to sustainable growth.
“We’re committed to growing Edo’s economy without mortgaging its future,” he said. “Borrowing must be strategic, purposeful, and productive, not a default mode for governance. We are here to build, not to burden.”
He noted that on assumption of office, his administration focused on revamping the state’s internal revenue framework, empowering the Edo Internal Revenue Service (EIRS) with digital tools, enhanced compliance strategies, and broader citizen engagement. These reforms, according to him, have not only boosted Internally Generated Revenue (IGR) but have also instilled renewed public confidence in the state’s financial management.
“Here in Edo, we have implemented a value-for-money budgeting framework that prioritizes capital projects and outcome-based spending. ‘‘From rural electrification to roads, education, healthcare, and digital infrastructure, government resources are now strategically deployed to deliver tangible impact,” he said
Observers have lauded the state’s fiscal performance, describing it as both rare and commendable in the current economic climate.
An economist, Dr Nathaniel Igbinedion noted that “Governor Okpebholo is redefining sub-national governance. His administration is showing that it’s possible to govern responsibly without reckless borrowing or media gimmicks.”
The Okpebholo administration has also focused on debt servicing, renegotiation, and reallocation, further easing the state’s fiscal burden, resulting in a significantly improved debt service-to-revenue ratio, enabling Edo to focus on development priorities rather than financial firefighting.
