Taraba Govt rejects N1.2tr debt claim, says figure misleading
Taraba State Government Denies Claims of N1.2 Trillion Debt
The Taraba State Government has refuted allegations that the state is encumbered by approximately N1.2 trillion in debt, branding the assertion as inaccurate and misleading.
In a statement issued over the weekend in Jalingo, Finance Commissioner Sarah Adi emphasized that discussions regarding the state’s financial standing must differentiate between existing debt stock, approved credit facilities, outstanding balances, and financing arrangements that have not yet been disbursed.
According to data from the Debt Management Office (DMO), as of December 31, 2025, Taraba’s domestic debt amounted to N85.51 billion, reflecting a decrease of N2.45 billion from the N87.96 billion recorded prior to Governor Agbu Kefas’s administration.
Adi noted that the DMO’s publication from March 2023 represented Taraba’s debt status as of September 30, 2022, rather than a current assessment.
Regarding external debts, the state’s obligations rose from approximately $46.47 million on December 31, 2022, to about $48.04 million by December 31, 2025. Adi described this increase as modest but acknowledged that fluctuations in foreign exchange could affect external liabilities.
She also discussed a N206.78 billion financing facility approved by the Taraba State House of Assembly in 2023. This facility, which involves banks including Zenith Bank, United Bank for Africa, Fidelity Bank, and Keystone Bank, is supported by designated revenue streams.
Adi clarified that the approved amount of a credit facility should not be equated with the state’s current outstanding debt, as actual liabilities can vary based on repayments, restructuring, and disbursements.
The government also dismissed claims that Taraba had received N350 billion under a proposed capital-market financing program. Adi explained that the program is still pending regulatory and statutory approvals and is designed to raise funds incrementally. An initial tranche of about N35 billion is currently under consideration, but should not be interpreted as already received.
Furthermore, the administration provided information about three financing agreements totaling about $268 million signed with the ECOWAS Bank for Investment and Development (EBID) on June 26, 2026, aimed at developing an integrated industrial park, an irrigated rice production and processing initiative, and a 50-megawatt solar power project. Adi clarified that these agreements do not imply immediate fund disbursement, as they remain subject to various conditions and regulatory procedures.
The state government urged that Taraba’s financial evaluation take into account distinct categories: existing debt, approved facilities, outstanding balances, and proposed financing. Simply aggregating figures from these categories would give a misleading representation of the state’s debt situation, they warned.
Adi assured that the Kefas administration’s borrowing policy is driven by development priorities, repayment capabilities, transparency, and accountability. The government also committed to adhering to necessary borrowing regulations and encouraged stakeholders to consider the state’s financial position based on actual funds drawn, repayments, outstanding liabilities, and the capacity to meet current obligations.
