The Cross River State Businessmen’s Forum has commended Governor Bassey Otu over what it described as the reduction in the state’s domestic debt from N220.2bn to N132.3bn as of the first quarter of 2026.
The President of the forum, Henry Onwe, disclosed this in a statement on behalf of the group, describing the reduction as evidence of fiscal discipline and prudent financial management by the governor.
According to Onwe, the state’s domestic debt stood at N220.2bn as of December 2023, citing data from the Debt Management Office.
He said the reduction of the debt stock by N71.7bn would help improve the state’s financial position and create more room for government to fund development projects and programmes.
The forum said the debt burden had previously constrained commercial activities, affected private sector growth and investor confidence, as well as increased the pressure on the state’s finances through debt servicing.
Onwe said the reduction in the debt profile would improve the state’s image among investors and strengthen its capacity to attract investment.
He said, “With the reduction in the debt portfolio of the state, the image of the state would be significantly boosted and would give investors confidence in the state and also serve as leverage for the state to have more funds to execute projects and programmes that will benefit the people.”
The businessmen also commended the Otu administration for what they described as efforts in infrastructure development, human capital development and wealth creation.
The forum urged Cross Riverians to support the governor’s administration, saying his performance should translate into electoral support for the All Progressives Congress in the 2027 elections.
Onwe said the forum would support Otu’s bid for a second term and President Bola Tinubu’s re-election bid in 2027.
He said, “We reassure our Governor, His Excellency Senator Apostle Prince Bassey Edet Otu that we are solidly behind him and will deliver our bloc votes for him, His Excellency President Bola Ahmed Tinubu, National Assembly and State Assembly members.”
The forum also called on residents of the state to support what it described as excellence, hard work and good governance ahead of the 2027 elections.
