By Comrade Olabode Akinwale
Exactly 160 days ago, on May 4, 2025, I published an article with the above caption, where I offered a detailed and comprehensive conversation about the Debt Management Office (DMO)’s ranking of Ondo State as the most financially disciplined state government in Nigeria in its 2025 First Quarter (Q1) financial performance index.
According to that DMO report, Ondo State reduced its domestic debts from ₦74 billion in 2023 to ₦12 billion in 2024 — an 83 percent reduction!
Since assuming office, Governor Hon. (Dr.) Lucky Aiyedatiwa has not rested on his oars in vigorously driving a strong economy propelled by macroeconomic stability, investment growth, and financial inclusion. He deserves accolades — alongside his team of economic experts led by the Hon. Commissioner for Finance, Mrs. Omowunmi Isaac.
For any state government to be financially disciplined enough not only to cut its debt profile but to completely wipe off its remaining debts within another five months, as confirmed by the DMO’s recent quarterly review, is a remarkable achievement.
That Ondo State is now debt-free is worth celebrating.
Citizens can now look forward to the many benefits that come with such a milestone: enhanced credit ratings, renewed investor confidence, and reduced fiscal risk. A debt-free economy promotes stability, sustainability, and greater private sector participation — all of which drive job creation and inclusive growth.
Freed from the burden of debt servicing, the government now has more flexibility to channel resources into critical sectors like healthcare, education, agriculture, and infrastructure — further boosting growth and reducing poverty.
The finance team’s ingenious re-engineering of Ondo’s fiscal systems has transformed the state’s financial management from wasteful habits to disciplined efficiency, allowing funds to be redirected toward vital services and infrastructural development.
Despite the enormous economy of Lagos State — estimated at $259 billion, higher than Kenya’s $132 billion GDP — Lagos still trails Ondo in debt servicing and repayment efficiency.
The administration of Governor Aiyedatiwa is thus setting new records in fiscal responsibility. For the first time in Ondo’s history, a government has completely cleared all inherited debts. It is also the first time a female Commissioner for Finance has led the ministry — and under her leadership, the state has enjoyed sustained financial stability.
Governor Aiyedatiwa’s decision to entrust economic management to a competent technocrat mirrors former President Olusegun Obasanjo’s empowerment of Dr. (Mrs.) Ngozi Okonjo-Iweala, whose reforms freed Nigeria from its Paris Club debts.
The Commissioner’s diligence and the Governor’s foresight have paid off handsomely for the people of Ondo State.
Clearly, this administration’s focus on economic reform, fiscal discipline, infrastructure renewal, regular salary payments, and clearing of gratuity arrears are the exact indicators used by the DMO in ranking Ondo highly.
As the new administration continues, it is hoped that this renewed economic freedom will translate into a higher quality of life for citizens of the Sunshine State.
Ondo State must continue to be FREE.
Comrade Olabode Akinwale writes from Akure, Ondo State.
