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Otti Repays N90bn of N191bn Debt Left by Predecessor

…Reaffirms he hasn’t borrowed

Published

Friday, November 8, 2024 at 10:42 PM

Written by Omotola Adeleke

Otti Repays N90bn of N191bn Debt Left by Predecessor

The Governor of Abia state, Dr. Alex Otti stated that he has repaid N90 billion of the N191 billion debt inherited from the previous administration without taking on any new loans.

Governor Otti made these remarks during a media briefing with journalists on Thursday night in Umuahia, the Abia state capital.

He also asserted that his administration has not borrowed from any institution since his 18 months in office.

The Governor explained that he has been carefully managing the state’s resources to fund infrastructure development, pay salaries and pensions, and meet other government financial responsibilities.

He also revealed that under his leadership, Abia had attracted $159 million in foreign direct investment between June 2023 and June 2024.

”When I took office in May 2023, I inherited a debt of N191.3 billion from my predecessor, who in 2015 inherited about N35 billion.

“However, my administration has already repaid over N90 billion of that debt”, he stated.

He also added, “We continue to pay salaries and pensions monthly, and I have not borrowed a single kobo from anyone.

“The accomplishments you see today are the result of careful management of limited resources.”

Otti revealed that Abia had risen from 27th to 3rd place among states with the highest foreign direct investment.

He attributed this progress to his administration’s focus on developing the necessary infrastructure and creating an investment-friendly environment, which has made Abia an attractive destination for investors.

Otti explained, “We recognized the importance of establishing a strong foundation for investment, which is why so many investors are now coming into the state.”

He further stated that it is not effective to chase after investors, as they will naturally be drawn in when the right environment is created.

“Investors are not swayed by empty promises; they focus on tangible actions.

“Without any formal campaigns, investors have already begun setting up in Abia. Recently, Apostle Chibuzor of OPM brought a group of investors, including one from Italy, another from Turkey, and one from the U.S.

”This is why we’re committed to making Abia an investor-friendly state. The Akaikenga Think Tank also visited, and we’re in talks about establishing a tech hub here.

Otti stated that his administration’s goal is to encourage the people of Abia to return and invest at home.

Edited By: Chinedu Eze

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Otti Repays N90bn of N191bn Debt Left by Predecessor

The Governor of Abia state, Dr. Alex Otti stated that he has repaid N90 billion of the N191 billion debt inherited from the previous administration without taking on any new loans.

Governor Otti made these remarks during a media briefing with journalists on Thursday night in Umuahia, the Abia state capital.

He also asserted that his administration has not borrowed from any institution since his 18 months in office.

The Governor explained that he has been carefully managing the state’s resources to fund infrastructure development, pay salaries and pensions, and meet other government financial responsibilities.

He also revealed that under his leadership, Abia had attracted $159 million in foreign direct investment between June 2023 and June 2024.

”When I took office in May 2023, I inherited a debt of N191.3 billion from my predecessor, who in 2015 inherited about N35 billion.

“However, my administration has already repaid over N90 billion of that debt”, he stated.

He also added, “We continue to pay salaries and pensions monthly, and I have not borrowed a single kobo from anyone.

“The accomplishments you see today are the result of careful management of limited resources.”

Otti revealed that Abia had risen from 27th to 3rd place among states with the highest foreign direct investment.

He attributed this progress to his administration’s focus on developing the necessary infrastructure and creating an investment-friendly environment, which has made Abia an attractive destination for investors.

Otti explained, “We recognized the importance of establishing a strong foundation for investment, which is why so many investors are now coming into the state.”

He further stated that it is not effective to chase after investors, as they will naturally be drawn in when the right environment is created.

“Investors are not swayed by empty promises; they focus on tangible actions.

“Without any formal campaigns, investors have already begun setting up in Abia. Recently, Apostle Chibuzor of OPM brought a group of investors, including one from Italy, another from Turkey, and one from the U.S.

”This is why we’re committed to making Abia an investor-friendly state. The Akaikenga Think Tank also visited, and we’re in talks about establishing a tech hub here.

Otti stated that his administration’s goal is to encourage the people of Abia to return and invest at home.

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