By Femi Bolaji
JALINGO — The Taraba State Government has dismissed claims by opposition politicians that the state is burdened with N1.2 trillion in debt, describing the figure as misleading and inaccurate.
Addressing journalists in Jalingo at the weekend, the Commissioner for Finance, Dr Sarah Adi, said critics of the administration had failed to distinguish between existing debt stock, approved banking facilities, outstanding balances and undisbursed financing arrangements.
Providing a breakdown of official figures from the Debt Management Office, DMO, Adi said the state’s domestic debt stock, which stood at N87.96 billion before the inception of the Governor Agbu Kefas administration, declined to N85.51 billion as of December 31, 2025.
According to her, “the official DMO figures do not support suggestions that Taraba State’s recognised domestic debt stock has risen to anything approaching N1.2 trillion.”
She added that the state’s external debt recorded only a modest increase, from $46.47 million in December 2022 to $48.04 million as of December 2025.
On the N206.78 billion commercial bank facility approved by the State House of Assembly in 2023 through Zenith Bank, United Bank for Africa, UBA, Fidelity Bank and Keystone Bank, the commissioner stressed that approved facility limits should not be equated with outstanding liabilities.
She said: “Approval or original facility value is not the same thing as the outstanding liability at a later date.
“Repayments and restructuring have taken place under the facilities, and the state government has continued to honour its repayment obligations in accordance with applicable financing arrangements.
“Accordingly, it would be misleading to take the original approved amount of N206.78 billion and simply add it in full to the latest debt stock without establishing the amount actually drawn, amounts already repaid and the current outstanding balances.”
Clarifying reports concerning the proposed N350 billion capital-market financing programme, Adi said the state had not received N350 billion from the bond market.
She explained that the structured programme remained subject to regulatory approvals and market conditions.
Similarly, on the $268 million financing agreement signed with the ECOWAS Bank for Investment and Development, EBID, on June 26, 2026, for an integrated industrial park, irrigated rice production and a 50-megawatt solar power project, the government said the funds remained undisbursed, subject to the fulfilment of conditions precedent.
Adi said: “Adding the headline values of approved, proposed and undisbursed facilities together and describing the result as Taraba State’s current debt presents a false picture of the state’s financial position.”
She reiterated that the administration of Governor Agbu Kefas remained committed to fiscal discipline, adding that borrowings were tied to productive infrastructure, matched against repayment capacity and managed in line with transparency requirements and statutory disclosure.
The commissioner said the state government welcomed scrutiny of its finances but insisted that such scrutiny should be based on verified facts.
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