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The Taraba State Government has dismissed claims that it borrowed N1.2 trillion within three years, saying its domestic debt stood at N85.51 billion as of December 31, 2025.
Commissioner for Finance Sarah Adi told newsmen on Sunday in Jalingo that the figure was inaccurate and misleading.
Adi said the latest data from the Debt Management Office (DMO) showed Taraba’s domestic debt had reduced by about N2.45 billion from N87.96 billion recorded before Governor Agbu Kefas assumed office.
“The figure represents a reduction of about N2.45 billion from the N87.96 billion domestic debt recorded in DMO data available before Gov. Agbu Kefas assumed office,” Adi said.
“The DMO publication released in March 2023 reflected Taraba’s debt position as of Sept. 30, 2022, rather than its debt position at the time the report was published.”
According to the commissioner, the state’s external debt obligations grew from roughly 46.47 million dollars on December 31, 2022, to roughly 48 million dollars on December 31, 2025.
She described the increase as relatively modest while acknowledging the potential impact of foreign exchange fluctuations.
Adi also spoke about the N206.78 billion commercial bank financing arrangement involving Zenith Bank, United Bank for Africa, Fidelity Bank, and Keystone Bank that was authorised by the Taraba State House of Assembly in 2023.
She stressed that the original approved value of a credit facility should not automatically be treated as the state’s current outstanding debt, as repayments, restructuring and the actual amount drawn could have altered the liability.
“The true outstanding balance can only be established by examining the amount actually disbursed, repayments made, any restructuring undertaken and the current balances on the respective facilities,” she added.
Adi dismissed claims that Taraba received N350 billion under a proposed capital-market financing programme, saying it remained subject to regulatory and statutory requirements and was designed to raise funds in stages.
She said an initial tranche of about N35 billion was under consideration, stressing that the full N350 billion programme size should not be interpreted as funds already received or as an existing drawn liability.
The commissioner further clarified three financing agreements worth about 268 million dollars signed with the ECOWAS Bank for Investment and Development (EBID) on June 26, 2026.
She said the facilities were intended to finance an integrated industrial park, irrigated rice production and processing, and a 50-megawatt solar power project.
Adi said the signing of the agreements did not mean the funds had been immediately disbursed, explaining that the facilities remained subject to conditions precedent, regulatory procedures and statutory approvals before any drawdown could take place.
Adi said four categories should be considered separately when assessing Taraba’s financial position: existing debt stock, approved facilities, outstanding balances, and proposed or undisbursed financing.
She warned that simply adding headline figures from the four categories together would produce a misleading picture of the state’s actual debt burden.
The commissioner said the Kefas administration’s borrowing policy was guided by development needs, repayment capacity, transparency and accountability.
She said the government welcomed scrutiny of its finances but insisted such scrutiny should be based on verified facts.
