The Taraba Government has debunked reports that it accumulated the sum of N1.2 trillion in debt within three years, describing the claim as inaccurate.
The government said available official records do not support the reported figure and urged the public to distinguish between existing debt, approved credit facilities and proposed financing.
The Commissioner for Finance, Sarah Adi, said the latest data from the Debt Management Office (DMO) showed that Taraba’s domestic debt stood at N85.51 billion as of Dec. 31, 2025.
Adi said that he figure represented a reduction of about N2.45 billion from the N87.96 billion domestic debt recorded in DMO data before Gov. Agbu Kefas assumed officealso clarifying that a DMO publication released in March 2023 reflected the state’s debt position as of Sept. 30, 2022, rather than its position when the report was published.
On external obligations, she said Taraba’s debt increased from approximately $46.47 million as of Dec. 31, 2022, to about $48 million as of Dec. 31, 2025.
The commissioner described the increase as relatively modest but acknowledged that fluctuations in the foreign exchange market could affect the naira value of the state’s external obligations.
She further explained that the N206.78 billion commercial bank financing facility approved by the Taraba State House of Assembly in 2023 should not automatically be regarded as the state’s current outstanding debt.
The facilities involving Zenith Bank, United Bank for Africa, Fidelity Bank and Keystone Bank were backed by designated revenue streams, she said.
According to Adi, the actual liability could only be determined after considering the amount disbursed, repayments made, any restructuring and the current balances on the facilities.
“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.”
Adi also rejected claims that the state had already received N350 billion through a proposed capital-market financing programme.
She said the programme remained subject to regulatory, statutory, market and disclosure requirements, with financing expected to be raised in stages.
The commissioner disclosed that an initial tranche of about N35 billion was under consideration, stressing that the proposed N350 billion programme represented the overall size of the programme and not money already received by the state.
She also clarified reports concerning three financing agreements valued at about $268 million signed with the ECOWAS Bank for Investment and Development (EBID).
According to her, the agreements were intended to support an integrated industrial park, irrigated rice production and processing, and a 50-megawatt solar power project.
Adi stressed that signing the agreements did not mean the funds had already been disbursed, explaining that the facilities were still subject to conditions precedent, regulatory procedures and statutory approvals before drawdown.
The commissioner said four categories must be separated when assessing Taraba’s financial position: existing debt stock, approved facilities, outstanding balances, and proposed or undisbursed financing.
She warned that combining figures from the different categories and presenting the total as the state’s existing debt would create a distorted picture of its actual financial obligations.
Adi said the Kefas administration’s borrowing decisions were based on development priorities, repayment capacity, transparency and accountability.
She added that the government was open to scrutiny of its finances but maintained that assessments of the state’s debt position should rely on verified and properly interpreted data.