By Collins Opurozor
“I have set at liberty the mortgaged lands, and I have brought back those who were sold into slavery because of debt, and never again shall we see freeborn dragged in chains onto servitude” – Solon, the Athenian Lawgiver.
These words from Solon, the great Athenian reformer, resonate profoundly in the context of Imo State today. Just as Solon freed the Athenian citizens from the crushing burden of debt, Governor Hope Uzodimma has embarked on a mission to liberate Imo State from its own financial shackles.
In an era where debt can stifle development and trap a society in a cycle of economic dependence, the Uzodimma administration has demonstrated that with sound economic management and unwavering fiscal discipline, it is possible to reverse the tide and reclaim the state’s financial freedom.
Imo State, under the leadership of Governor Hope Uzodimma, has recently experienced a remarkable reduction in its debt profile. This achievement, highlighted by the recent data released by BudgIT, is akin to the ancient reforms of Solon, who famously unshackled Athenian citizens from the bondages of debt.
In just one year, Imo’s debt has plummeted by over N40 billion, a significant shift that has placed the state within the comity of most viable and stable states in Nigeria.
The journey to this achievement was anything but straightforward. According to BudgIT, Imo’s debt overhang, actually inherited by Governor Uzodimma, was a poster boy for the years of reckless borrowings by previous administrations.
This mounting debt posed a serious threat to the state’s economic health, placing immense pressure on its finances and development programs.
However, with a deft commitment to recalibrating the state’s economic base, the Uzodimma administration has now lowered the total debt stock of the state from the N202 billion to now N164 billion, the data from BudgIT reveals. This reflects a concerted effort to steer the state’s finances back on track.
It is important to underscore that the reduction in Imo’s debt profile is not just a product of fiscal austerity but also of strategic economic management. Governor Uzodimma’s administration has implemented a range of measures aimed at boosting internally generated revenue (IGR) while minimizing wasteful expenditure.
One of the key pillars of this strategy has been the elimination of ghost workers and the digitization of payroll systems, which has saved the state billions of naira. Additionally, the administration’s crackdown on tax evasion and broadening of the tax base have contributed significantly to increased revenue inflows.
Furthermore, Uzodimma’s economic policies have been focused on creating a conducive environment for investments. By improving infrastructure, particularly roads and electricity, the administration has attracted both local and foreign investments, further enhancing the state’s revenue.
Statistical analysis of the state’s debt reduction reveals that if the current trend continues, the state is on course to reduce its debt to zero by the time Governor Uzodimma leaves office.
Moreover, this debt reduction has not come at the expense of development. On the contrary, the Uzodimma administration has continued to invest in critical sectors such as education, healthcare, youth entrepreneurship programs and infrastructure.
This balanced approach underscores the administration’s abiding devotion to sustainable development while ensuring that the state’s financial freedom is not compromised.
Notably, the ongoing projects, funded through a combination of internally generated revenue, FAAC receipts and strategic partnerships, demonstrate that fiscal prudence and development can go hand in hand.
Critics may argue that debt reduction alone is not a sufficient measure of economic success. However, in a state like Imo, where debt servicing has historically consumed a significant portion of the budget, reducing the debt profile is a crucial step towards achieving long-term economic sustainability.
By freeing up resources that would otherwise be used for debt servicing, the state is better positioned to invest in future growth and development.
The laudable reduction of Imo State’s debt by over N40 billion within a year stands as a testimony to the sound economic management and fiscal discipline of Governor Hope Uzodimma.
Drawing inspiration from Solon’s reforms, which liberated Athenians from the chains of debt, the Uzodimma administration has set Imo State on a path towards financial bliss and sustainable development.
Imo is now setting a benchmark for other states to follow in fiscal responsibility, and there is no better time to celebrate as an Imo person than now.
*Collins Opurozor is the Special Adviser to Governor Hope Uzodimma on Electronic and Creative Media
