Cross River State Governor, Sen. Bassey Otu, has said his administration has reduced the state’s inherited domestic debt by more than N70 billion without taking fresh loans.

He also said that the government has increased Internally Generated Revenue (IGR) by more than 100 per cent since assumption of office in 2023.

Otu, who disclosed this at the weekend in Calabar while inaugurating the All Progressives Congress (APC) Campaign Council for the 2027 general elections, said the state’s outstanding domestic debt had dropped from over N204 billion inherited in May 2023 to approximately N132.3 billion as of March 2026.

He also stated that the state’s IGR rose from N21.1 billion in 2022 to N46.3 billion in 2024, attributing the improvement to better revenue mobilisation, fiscal discipline and reforms in public financial management.

The governor, who is seeking a second term in office, said the achievements recorded under his administration’s People First Agenda had positioned the state to move from economic recovery to wealth creation and shared prosperity.

He urged members of the campaign council to take the administration’s scorecard to the electorate, insisting that continuity was necessary to consolidate ongoing reforms and development projects.

Besides, Otu said his administration inherited a difficult situation characterised by insecurity, a demoralised public service and underutilised public assets.

He explained that the first phase of his administration focused on stabilising the state’s finances, recovering public assets, addressing abandoned projects and restoring confidence in governance.

He said: “We did not promise all things in one year, but we covenanted to stop the bleeding, clear the ground, recover the losses and restore abandonments.

“Also, on asset recovery, we have reclaimed Tinapa from the Asset Management Corporation of Nigeria (AMCON). We also have recovery of nearly N1 billion from Etung Cocoa Estates and other public assets.”

He added that his administration was pursuing the recovery of the state’s oil wells and protecting its interests in the Bakassi axis and the proposed Deep Seaport project.

According to him, the administration’s achievements must not be measured solely by physical infrastructure, but also by their impact on the welfare and livelihoods of residents.

On infrastructure and economic revitalisation, Otu mentioned the reconstruction of the Obudu Cargo Airport runway, the revival of the Teachers Continuous Training Institute in Biase and the transformation of Akamkpa College into the University of Entrepreneurship.

He also listed the concessioning of the Garment Factory and Obudu Ranch through public-private partnerships, alongside road construction and rehabilitation across the state.

Otu further identified the expansion of Cally Air’s fleet and operations and the growing economic activities associated with Carnival Calabar as part of efforts to reposition the state as an investment and tourism destination.

He maintained that completing inherited projects and sustaining viable investments would be critical to Cross River’s development.

On agriculture, Otu said his government was investing in cocoa, rice, potatoes, palm fruits and cassava production to strengthen food security, create employment and improve rural livelihoods.

He also disclosed that more than 200 kilometres of fibre infrastructure had been deployed across Calabar, while over 600 residents had received information and communication technology (ICT) training.

He added that changing the administration at a time when the foundations for economic growth had been laid could undermine the progress already recorded.