BY IFEANYI UWAGWU
DELTA State has recorded a significant drop in both domestic and external debt profile, according to data released by the Debt Management Office (DMO) and shared yesterday on X (formerly Twitter) by Nigerian-based data analytics company, Statisense.
The data, which captures debt performance between June 2023 and December 2024, shows that Delta State reduced its external debt by $2.38 million, representing a four per cent drop. Notably, the state achieved the highest domestic debt reduction among Nigeria’s 36 states and the Federal Capital Territory (FCT), cutting down its domestic debt by a whopping ₦265.83 billion.
Delta’s prudent fiscal performance has been attributed to the frugal spending style of Governor Sheriff Oborevwori, whose administration has prioritised cost-efficiency and financial discipline without compromising infrastructural and social development.
The figures place Delta State ahead of other states, such as Lagos (₦96.25 billion), Imo (₦94.69 billion), Cross River (₦85.91 billion) and Ogun (₦81.34 billion) in domestic debt reduction.
Nationally, 16 states and the FCT managed to reduce their external debt burdens within the 18 months. Among the leaders in external debt reduction were Lagos with $94 million (-7.4 percent), Enugu with $33.6 million (-27.9 percent), and Osun with $14.6 million (-16.2 percent).
On the other hand, a few states increased their domestic debts during the period. Rivers led with an increase of ₦138.89 billion (+61.6 percent), followed by Enugu (₦26.09 billion, +28 percent) and Niger (₦18.79 billion, +15.4 percent).
The achievement by Delta State is being hailed by financial analysts as a strong signal of fiscal responsibility and sound economic management. It is expected to bolster investor confidence and potentially free up more funds for development programmes.
Governor Oborevwori’s approach, which focuses on eliminating wasteful expenditure and enhancing internally generated revenue, has been widely commended as a model for sustainable governance in Nigeria.
