The Taraba State Government has dismissed claims that it borrowed N1.2 trillion within three years, describing the figure as inaccurate and misleading.
The Commissioner for Finance, Dr Sarah Adi, stated this while addressing journalists on Sunday in Jalingo.
Adi said the latest data from the Debt Management Office (DMO) showed that Taraba’s domestic debt stood at N85.51 billion as of December 31, 2025.
She explained that the figure represented a reduction of about N2.45 billion from the N87.96 billion domestic debt recorded in DMO data available before Governor Agbu Kefas assumed office.
According to her, the DMO publication released in March 2023 reflected Taraba’s debt position as of September 30, 2022, rather than its debt position when the report was published.
On external debt, the commissioner said the state’s obligations increased from about $46.47 million as of December 31, 2022, to approximately $48 million as of December 31, 2025.
Adi described the increase as relatively modest but acknowledged that fluctuations in the foreign exchange rate could affect the naira value of the state’s external obligations.
She also addressed the N206.78 billion commercial bank financing facility approved by the Taraba State House of Assembly in 2023.
The commissioner said the facilities, involving Zenith Bank, United Bank for Africa, Fidelity Bank and Keystone Bank, were backed by designated revenue streams.
She stressed that the approved value of a credit facility should not automatically be interpreted as the state’s current outstanding debt, noting that 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 said.
Adi also dismissed claims that Taraba received N350 billion under a proposed capital-market financing programme.
According to her, the programme remained subject to regulatory, statutory, market and disclosure 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 an existing drawn liability.
The commissioner further clarified three financing agreements worth about $268 million signed with the ECOWAS Bank for Investment and Development (EBID) on June 26, 2026.
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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 explained that the signing of the agreements did not mean the funds had been immediately disbursed, noting that the facilities remained subject to conditions precedent, regulatory procedures and statutory approvals before any drawdown could occur.
She 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.
The commissioner warned that simply adding headline figures from the four categories would create a misleading picture of the state’s actual debt burden.
According to Adi, the Kefas administration’s borrowing policy was guided by development needs, repayment capacity, transparency and accountability.
She said the state government welcomed scrutiny of its finances but insisted that such scrutiny should be based on verified facts.
