Akure, Nigeria — Ondo State has emerged as the nation’s leading sub-national in fiscal responsibility, recording the sharpest domestic debt reduction across Nigeria’s 36 states.
This development was confirmed through fresh statistics released by the Debt Management Office (DMO), which compared states’ debt profiles from 2023 to 2024. The report revealed that Ondo State reduced its domestic debt burden by 82.6 percent, an unparalleled achievement under the leadership of Governor Lucky Aiyedatiwa.
According to the data, the state’s debt dropped dramatically from ₦74 billion in 2023 to ₦12 billion in 2024—representing a ₦61 billion decrease. This remarkable fiscal turnaround was credited to Governor Aiyedatiwa’s commitment to financial reforms, transparency, and strict economic discipline since assuming office in December 2023.
Ebonyi State followed in second place with a debt reduction of 76.21 percent.
Governor Aiyedatiwa’s administration has prioritized clearing long-standing obligations, including unpaid salaries, gratuities, and contractor debts, all of which have had a stabilizing effect on the state’s economy. The administration’s efforts have also boosted investor confidence and reinforced public trust in governance.
Notably, in just the first quarter of 2024, Ondo State slashed its domestic debt by 77 percent—reducing the figure from ₦71.5 billion in December 2023 to ₦16.4 billion by March 2024. Within this period, only Jigawa State surpassed Ondo in terms of domestic debt reduction.
The achievement is seen as a strong testament to Ondo State’s evolving financial prudence and its leadership’s strategic focus on sustainable economic management.
By Enoch Odesola | May 4, 2025
