The administration of Kogi State Governor Ahmed Usman Ododo has faced fresh scrutiny regarding its fiscal management, as official audited financial statements contradict earlier claims made by the state government concerning its debt portfolio. While the Commissioner for Finance previously asserted that the current administration had successfully liquidated N98.8 billion of inherited debt within a fifteen-month window—pegging the state’s total debt at N40.5 billion as of September 30, 2024—official documents suggest a significantly different financial reality.
According to the state’s audited financial statements for the year ending December 31, 2024, which were signed off by the State Auditor-General, Alhaji Yakubu Y. Okala, on July 21, 2025, the total liabilities of the state reached N123,355,796,497 by the close of that year. The audit, which received an unqualified opinion, confirms that these figures accurately reflect the state’s financial books.
A breakdown of the audited data reveals that the state’s external debt surged to N80,469,972,210 by the end of 2024, up from N46,026,359,956 the previous year. Financial experts attribute this sharp increase of over N34.4 billion primarily to the devaluation of the naira, which significantly inflated the domestic currency equivalent of the state’s foreign-denominated loans.
The burden of servicing these debts intensified throughout 2025. Initially, the state’s approved budget included a debt service provision of N27.98 billion. However, as fiscal pressure mounted, this provision was revised upward to N51.38 billion, with the state ultimately recording actual debt service payments totaling N34,957,579,503.28 for the year. The budget for 2026 includes a debt service allocation of N16 billion.
Recent data indicates that the struggle to manage these obligations has continued into the current year. The Budget Implementation Report for the second quarter of 2026 reveals that foreign debt servicing has already bypassed annual projections. By June 30, 2026, the state had paid N2,089,000,366.91 in foreign interest against a total annual budget provision of N1 billion. Similarly, foreign principal repayments reached N2,708,315,926.94 against a full-year provision of N1 billion. Consequently, both categories of foreign debt obligations have more than doubled their respective annual budgetary allocations within just the first six months of 2026.