Jalingo: The Taraba Government has dismissed claims that the state borrowed ?1.2 trillion within three years. Addressing newsmen in Jalingo, Dr. Sarah Adi, the Commissioner for Finance, described the figure as inaccurate and misleading.
According to News Agency of Nigeria, Adi emphasized that the latest data from the Debt Management Office (DMO) indicates Taraba’s domestic debt stood at ?85.51 billion as of December 31, 2025. This figure, she noted, represents a reduction of about ?2.45 billion from the ?87.96 billion domestic debt recorded before Governor Agbu Kefas assumed office. Furthermore, Adi pointed out that the DMO publication released in March 2023 reflected Taraba’s debt position as of September 30, 2022, rather than at the time the report was published.
On the matter of external debt, the commissioner stated that the state’s obligations increased from approximately 46.47 million dollars as of December 31, 2022, to about 48 million dollars on December 31, 2025. Adi described this increase as rela
tively modest, while acknowledging the potential impact of foreign exchange fluctuations on external obligations.
The commissioner also addressed the ?206.78 billion commercial bank financing facility approved by the Taraba State House of Assembly in 2023. She explained that the facilities, involving Zenith Bank, United Bank for Africa, Fidelity Bank, and Keystone Bank, were backed by designated revenue streams. Adi 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.
Adi dismissed claims that Taraba received ?350 billion under a proposed capital-market financing program. She clarified that the program remains subject to regulatory, statutory, market, and disclosure requirements and is designed to raise funds in stages. An initial tranche of about ?35 billion is under consideration, stressing that the full ?350 billion program size
should not be interpreted as funds already received or as an existing drawn liability.
She further elaborated on three financing agreements worth approximately 268 million dollars signed with the ECOWAS Bank for Investment and Development (EBID) on June 26, 2026. The facilities are intended to finance projects such as an integrated industrial park, irrigated rice production and processing, and a 50-megawatt solar power project. Adi argued that the signing of the agreements did not mean that the funds had been immediately disbursed, explaining that the facilities remain subject to conditions precedent, regulatory procedures, and statutory approvals before any drawdown can occur.
Adi concluded by stating that 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 pi
cture of the state’s actual debt burden. According to the commissioner, the Kefas administration’s borrowing policy is guided by development needs, repayment capacity, transparency, and accountability. She affirmed that the state government welcomed scrutiny of its finances but insisted that such scrutiny should be based on verified facts.