Edo Slashes Domestic Debt to ₦82.4bn Edo State has reduced its domestic debt from ₦113 billion in the fourth quarter of 2024 to ₦82.4 billion in the first quarter of 2025 — a significant drop of ₦30.6 billion in just three months. The decline is attributed to improved revenue inflows from the Federation Account, which enabled the state to meet its debt obligations promptly. Fred Itua, Chief Press Secretary to Governor Monday Okpebholo, described the development as a testament to Edo’s emergence as a model for fiscal discipline in the country. He noted that while ten other states accumulated a combined ₦417.7 billion in new domestic debt during the same period, Edo charted a different course based on financial prudence, accountability, and strategic planning. Speaking at a recent event, Governor Okpebholo said his administration had reformed the state’s internal revenue system by strengthening the Edo Internal Revenue Service (EIRS) with digital tools, improved compliance measures, and greater public engagement. These reforms, he explained, boosted Internally Generated Revenue (IGR) and reinforced public trust in the state’s financial stewardship. “We are committed to growing Edo’s economy without mortgaging its future,” the governor said. “Borrowing must be strategic, purposeful, and productive—not a default approach to governance. We are here to build, not to burden.” He added that Edo has adopted a value-for-money budgeting approach that prioritizes capital projects and results-oriented spending, with strategic investments in infrastructure, education, healthcare, rural electrification, and digital development.
Edo State has reduced its domestic debt from ₦113 billion in the fourth quarter of 2024 to ₦82.4 billion in the first quarter of 2025 — a significant drop of ₦30.6 billion in just three months.
The decline is attributed to improved revenue inflows from the Federation Account, which enabled the state to meet its debt obligations promptly.
Fred Itua, Chief Press Secretary to Governor Monday Okpebholo, described the development as a testament to Edo’s emergence as a model for fiscal discipline in the country.
He noted that while ten other states accumulated a combined ₦417.7 billion in new domestic debt during the same period, Edo charted a different course based on financial prudence, accountability, and strategic planning.
Speaking at a recent event, Governor Okpebholo said his administration had reformed the state’s internal revenue system by strengthening the Edo Internal Revenue Service (EIRS) with digital tools, improved compliance measures, and greater public engagement.
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These reforms, he explained, boosted Internally Generated Revenue (IGR) and reinforced public trust in the state’s financial stewardship.
“We are committed to growing Edo’s economy without mortgaging its future,” the governor said. “Borrowing must be strategic, purposeful, and productive—not a default approach to governance. We are here to build, not to burden.”
He added that Edo has adopted a value-for-money budgeting approach that prioritizes capital projects and results-oriented spending, with strategic investments in infrastructure, education, healthcare, rural electrification, and digital development.
