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Recent reports reveal that Cross River State has seen a significant increase in external debt servicing, from N2.21 billion in 2023 to N7.87 billion in 2024 – a 255.9% rise. While this may seem daunting, it presents an opportunity for growth and stability.
Cross River State faces a debt repayment challenge, which can potentially affect citizens’ well-being, but the state government has managed the balance with efforts and obvious developmental strides.
Under Governor Otu’s leadership, the state is embracing fiscal maturity by taking responsibility for its finances, paying off debts, increasing state Internally Generated Revenue (IGR), and building a stronger economy. This fiscal discipline will automatically translate into improved infrastructure, attracting tourists and investors, creating jobs, stimulating local entrepreneurship, and enhancing the state’s reputation, which is crucial for investment and business drive.
Having learnt from past experiences, the present administration has managed this debt servicing effectively by building a solid financial foundation that has paved the way for sustainable development. The state government can now take a step further by intensifying efforts beyond the obvious to implement people oriented policies,
support local businesses and innovation, and invest in tourism infrastructure and marketing.
While the government does its best, the question has always been ‘how can the citizens maximize this opportunity?’ On the part of the citizens, maximizing this opportunity means seeking transparency and accountability from public office holders, including politicians in the state, engaging in constructive dialogue with government officials, leveraging government policies for business and innovation, making sure to follow up on government’s policy implementation, report corruption and mismanagement, and thinking positively about the future of the state. And, as a matter of fact and urgency, the ‘Think Cross River’ mantra should begin to ring in the minds of every citizen and resident of the state.
As the state progresses on this tough but worthy path, infrastructure will begin to improve, tourism will thrive better, and the state will become a model for fiscal responsibility. Here lies evidence of this administration’s total dedication to the ‘People First’ ideology, which prioritizes citizens’ well-being.
In conclusion, let us rally behind Governor Otu’s vision for a ‘debt-free, prosperous and economically vibrant’ Cross River State. Together, we can build a brighter future.
Frank-Edima is a Development Strategist, and Founder of Bakassi International Fish Festival.
This article was originally published on www.streetnews.ng
