Cross River State Governor, Senator Bassey Otu, has said his administration has reduced the state’s inherited domestic debt by more than N70 billion and recovered strategic public assets as part of efforts to reposition the state’s economy.
Otu stated this on Saturday in Calabar while inaugurating the Cross River State All Progressives Congress (APC) Campaign Council for the 2027 general elections.
The governor said his administration inherited a state confronted by huge debts, insecurity, a demoralised workforce and underutilised public assets, but had spent its first term laying the foundation for economic recovery and sustainable development.
According to him, the state’s domestic debt, which stood at more than N204 billion when he assumed office in May 2023, had been reduced to about N132.3 billion as of March 2026, without the state taking fresh loans.
He also said internally generated revenue rose from N21.1 billion in 2022 to N46.3 billion in 2024, describing the development as evidence of improved fiscal management and stronger revenue mobilisation.
‘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,’ Otu said.
He added: ‘Every debt retired is freedom for our children and house-cleaning for fresh fiscal air.’
The governor listed the recovery of Tinapa from the Asset Management Corporation of Nigeria (AMCON), recovery of nearly N1 billion from Etung Cocoa Estates and efforts to reclaim the state’s oil wells and protect its interests in the Bakassi axis and proposed Deep Seaport among the administration’s major achievements.
Otu also cited the lifting of the employment embargo, restoration of more than 3,000 local government workers to the payroll and payment of the first tranche of gratuities after nearly two decades as part of the administration’s reforms.
He said his administration had also prioritised infrastructure and economic revitalisation, citing the reconstruction of the Obudu Cargo Airport runway, revival of the Teachers Continuous Training Institute in Biase and transformation of Akamkpa College into the University of Entrepreneurship.
According to him, the state has also concessioned the Garment Factory and Obudu Ranch through public-private partnerships, while road construction and rehabilitation have continued across the state.
The governor further pointed to the expansion of Cally Air operations and the growing economic activities associated with Carnival Calabar as evidence of efforts to reposition the state as a major tourism and investment destination.
On agriculture, Otu said his administration was investing in cocoa, rice, potatoes, palm fruits and cassava production to boost food security, create jobs and strengthen rural economies.
He said the government was also pursuing digital transformation, with more than 200 kilometres of fibre infrastructure deployed across Calabar and over 600 residents trained in information and communication technology.
Otu said Cross River’s selection by the World Bank GovTech Team for its 2026 AI in Governance and Public Administration Bootcamp in Seoul, South Korea, was further recognition of the state’s progress in digital governance.
Looking ahead to a second term, the governor said his administration would focus on converting recovered public assets into productive enterprises, completing major infrastructure projects, expanding youth and agricultural enterprise programmes and establishing industrial parks across the three senatorial districts.
He also pledged improved welfare for workers and continued investment in programmes aimed at expanding economic opportunities for young people.
Otu urged members of the campaign council to take the administration’s scorecard to voters across the 18 local government areas and 196 wards, saying the 2027 election should be fought on the basis of facts, achievements and the future of the state.
‘Continuity is an attitude of maturity,’ he said, arguing that abandoning viable projects and investments midway would undermine the progress already recorded.
The governor said his administration had moved the state from a phase of recovery and restoration towards wealth creation and shared prosperity.
‘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,’ he said.
He formally inaugurated the APC Campaign Council and charged its members to engage the electorate with decorum, stressing that the campaign should be about the future of Cross River and its people rather than an individual.