The Taraba State Government has rejected claims that it accumulated about ₦1.2 trillion in borrowings over the past three years, describing the figure as inaccurate and capable of giving a distorted picture of the state’s financial position.
The state Commissioner for Finance, Dr Sarah Adi, made the clarification while speaking with journalists in Jalingo on Sunday.
Adi said available data from the Debt Management Office (DMO) showed that Taraba’s domestic debt stood at ₦85.51 billion as of December 31, 2025.
She explained that the figure represented a reduction of about ₦2.45 billion compared with the ₦87.96 billion domestic debt recorded in DMO data covering the period before Gov. Agbu Kefas assumed office.
The commissioner also cautioned against using older DMO figures without considering the dates to which they relate. She noted that the DMO report released in March 2023 reflected Taraba’s debt position as of September 30, 2022, rather than its position at the time of publication.
On external borrowing, Adi said the state’s obligations rose from approximately $46.47 million at the end of 2022 to about $48 million by December 31, 2025.
She described the increase as relatively moderate, while noting that movements in the foreign exchange market could affect the naira value of the state’s external obligations.
The commissioner also provided clarification on a ₦206.78 billion commercial bank financing facility approved by the Taraba State House of Assembly in 2023.
According to her, the facilities involving Zenith Bank, United Bank for Africa, Fidelity Bank and Keystone Bank were secured against specified revenue streams.
Adi stressed that the total amount approved for a credit facility should not automatically be regarded as the amount currently owed by the state.
She explained that determining the actual outstanding liability would require consideration of the amount eventually disbursed, repayments already made, any restructuring of the facilities and the balances currently due.
The commissioner further disputed reports that the state had received ₦350 billion through a proposed capital-market financing programme.
She said the programme was still subject to regulatory, statutory, market and disclosure requirements and was structured to raise funds in phases.
According to her, an initial tranche of approximately ₦35 billion was being considered, adding that the proposed ₦350 billion programme should not be interpreted as money already received by the state or as an existing drawn debt.
Adi also explained the status of three financing agreements valued at about $268 million signed with the ECOWAS Bank for Investment and Development (EBID) on June 26, 2026.
She said the facilities were intended to support three major projects: an integrated industrial park, irrigated rice production and processing, and a 50-megawatt solar power project.
However, she clarified that signing the agreements did not mean the funds had already been released to the state.
According to the commissioner, the facilities remained subject to conditions precedent, regulatory processes and the necessary statutory approvals before funds could be accessed.
Adi urged the public to distinguish between existing debt, approved credit facilities, actual outstanding balances and proposed financing that has yet to be disbursed.
She warned that combining figures from these different categories and presenting the total as the state’s existing debt stock could create a misleading impression of Taraba’s financial obligations.
The commissioner said the administration of Gov. Kefas remained committed to borrowing responsibly, with financing decisions guided by development priorities, the state’s repayment capacity, transparency and accountability.
She added that while the government welcomed scrutiny of its finances, assessments of the state’s debt position should be based on verified and up-to-date information.
