Domestic debt hits N96 billion in one year

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The Yobe State Government has announced that it has repaid ₦39 billion of the ₦96 billion it borrowed from various financial institutions across the country within a one-year period.

Muhammad Rabiu Ibrahim, who heads the Debt Management Unit at the State Ministry of Finance, made this known during a stakeholders’ engagement and statewide town hall session held in Damaturu. The event was organized by the Presidential Enabling Business Environment Council (PEBEC).

Ibrahim stated that between the first quarter of 2024 and the first quarter of 2025, the state successfully paid off ₦39 billion of its total debt.

He noted that the repayment effort is part of the government’s strategy to stimulate economic growth in the state and strengthen investor trust, while also reinforcing its dedication to sound financial management.

He emphasized that the administration is focused on lowering the state’s debt profile and is exercising caution in taking on new loans.

He added that, “Whenever the government intends to borrow internally or otherwise from individuals or institutions, it has to be through the State’s Public Debt Management Unit for scrutiny.”

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Also speaking at the event, Zahrah Mustapha Audu, Director General of PEBEC, said the town hall forum was designed to review the state’s progress in implementing reforms that support a better business environment, and to ensure alignment with broader national economic goals.

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