Cross River State Governor, Senator Bassey Otu, announced that his administration has successfully reduced the state’s inherited domestic debt by over ₦70 billion without obtaining fresh commercial loans.
Speaking on Saturday, October 31, 2026, during the inauguration of the All Progressives Congress (APC) Campaign Council at the Calabar International Convention Centre (CICC), Governor Otu detailed his administration’s financial performance.
He explained that upon assuming office, his administration inherited a heavy domestic debt burden exceeding ₦204 billion. However, through strict fiscal discipline, prudent resource management, and improved internal revenue generation, the state has paid off more than ₦70 billion of the principal debt stock.
Beyond debt reduction, Governor Otu highlighted several key achievements in governance, asset recovery, and worker welfare. He disclosed that the state has successfully reclaimed the landmark Tinapa Resort from the Asset Management Corporation of Nigeria (AMCON) and recovered nearly ₦1 billion from the Etung Cocoa Estates.
On civil service reforms and social welfare, the governor noted that his administration lifted a long-standing employment embargo, restored over 3,000 local government workers to the state payroll, and disbursed the first tranche of gratuity payments to retirees after nearly two decades of delays.
In terms of public infrastructure and state assets, the administration reconstructed the Obudu Cargo Airport runway, concessioned the Garment Factory and Obudu Mountain Resort under Public-Private Partnerships (PPP), and converted Akamkpa College into a University of Entrepreneurship.
”Every debt retired is freedom for our children and house-cleaning for fresh fiscal air,” Governor Otu told attendees during his address. “You do not change a farmer who has cleared the farm just when it is time to plant. You do not abandon a builder who has laid the foundation when it is time to raise the roof.”
The Chief Press Secretary to the Governor, Nsa Gill, corroborated the report in a statement issued following the gathering, reiterating that the state government remains focused on transitioning Cross River from debt recovery into long-term industrialization and economic growth.
Charging the members of the newly inaugurated campaign council, Governor Otu instructed them to engage voters across all 18 Local Government Areas using verified performance facts, decorum, and tangible results.
