Taraba State Governor, Kefas Agbu
Taraba State Government has dismissed allegations by the Peoples Democratic Party (PDP) governorship candidate for the 2027 election, Senator Emmanuel Bwacha, that Governor Agbu Kefas led administration has plunged the state into a debt of over ₦1.2 trillion.
The government described the allegation as false, misleading and capable of inciting the public against the current administration.
Bwacha had made the claim while speaking to journalists in Jalingo during the unveiling of his running mate, alleging that the Kefas-led government accumulated more than ₦1.2 trillion in debt within three years in office.
Responding to the allegation, the Commissioner for Finance, Mrs. Sarah Enoch Adi, told journalists in Jalingo that the figures quoted by the opposition candidate do not reflect Taraba State’s actual debt profile as captured by the Debt Management Office (DMO).
She urged political actors to verify financial data before presenting it to the public, stressing that the government welcomes constructive scrutiny but warned against the dissemination of inaccurate information.
According to Adi, public discussions on government finances should clearly distinguish between existing debt, approved loan facilities, outstanding liabilities and financing arrangements that have yet to be accessed.
“For the avoidance of doubt, the claim that Taraba State currently carries a debt burden of about ₦1.2 trillion does not reflect the State’s debt stock reported in the latest publicly available records of the Debt Management Office,” she said.
The commissioner explained that DMO records showed Taraba State’s domestic debt stood at approximately ₦87.96 billion before the present administration assumed office in 2023. She noted that the DMO clarified the figure published in its March 2023 report actually reflected the state’s debt position as of September 30, 2022.
She added that the latest publicly available DMO figures indicate that as of December 31, 2025, Taraba State’s domestic debt had reduced to about ₦85.51 billion.
“This is approximately ₦2.45 billion lower than the earlier reported figure. The official DMO figures therefore do not support suggestions that Taraba State’s recognised domestic debt stock has risen to anything approaching ₦1.2 trillion,” Adi stated.
On external obligations, the commissioner said the DMO reported Taraba State’s external debt at about 46.47 million US dollars as of December 31, 2022, which increased slightly to 48.04 million US dollars by December 31, 2025.
She described the increase as modest, adding that the government remains mindful of exchange-rate risks and would continue to manage external borrowing within sustainable limits.
Adi also addressed concerns over financing facilities approved by the Taraba State House of Assembly in 2023.
According to her, lawmakers approved financing facilities worth about ₦206.78 billion involving Zenith Bank Plc, United Bank for Africa Plc, Fidelity Bank Plc and Keystone Bank.
She explained that the facilities were backed by designated revenue sources, including Federal Allocation, Joint Account Allocation Committee proceeds, Value Added Tax receipts and Internally Generated Revenue.
“Government wishes to make an important distinction that 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. Accordingly, it would be misleading to take the original approved amount of ₦206.78 billion and simply add it in full to the latest DMO debt stock without establishing the amount actually drawn, amounts already repaid, and the current outstanding balances.”
The commissioner further clarified reports surrounding the state’s proposed ₦350 billion bond programme, saying the programme should not be interpreted as funds already received.
“Government wishes to state clearly that the state government has not received ₦350 billion from the proposed bond programme. The programme remains subject to applicable regulatory, statutory, market and disclosure processes.”
She explained that the programme was designed to raise funds in phases, noting that only an initial tranche of about ₦35 billion is currently under consideration.
According to Adi, it is inaccurate to classify the entire ₦350 billion programme as an existing liability.
She also spoke on the financing agreements signed on June 26, 2026, between the Taraba State Government and the ECOWAS Bank for Investment and Development (EBID), valued at about 268 million US dollars.
The agreements, she said, are intended to finance the first phase of an integrated industrial park, irrigated rice production and processing, as well as the development of a 50-megawatt solar power project in the state.
However, she stressed that signing financing agreements should not be mistaken for receiving the funds.
“The amounts that have not been disbursed should not be represented to the public as money already received and spent by the Taraba State Government,” she said.
Adi reaffirmed the government’s commitment to prudent financial management and responsible borrowing while urging members of the public to rely on verified official records when assessing the state’s debt profile.
