Benue State Governor, Hyacinth Alia, has disclosed that his administration spent $2.82 million (approximately N4.53 billion) between June 2023 and June 2024 to service external loans. In a statement released on December 9, 2024, by his Chief Press Secretary, Sir Tersoo Kula, Alia confirmed that no new loans have been taken by the state since the current administration assumed office. Instead, the funds were directed towards reducing the state’s inherited debt burden.
The governor highlighted that his administration inherited a debt of over N350 billion from the previous government, which necessitated a cautious approach to borrowing. He emphasized that the focus has been on paying off these debts while ensuring that essential development projects across the state continue to progress. Alia added that despite the financial constraints, many key projects have already been completed or are near completion.
Alia also pointed to the recent report from the Debt Management Office, which indicated that the external debt profile of Benue State has decreased significantly during his administration. This achievement, according to the governor, is a testament to his government’s commitment to managing resources effectively and avoiding unnecessary borrowing that could further strain the state’s finances.
In addition to reducing the debt burden, Governor Alia noted that his administration has been consistent in prioritizing good governance, with a focus on the long-term development of the state. He stated that the current leadership is focused on making decisions that benefit the people of Benue, and that every financial decision made by his government is guided by a commitment to sustainable development.
Benue State’s improved fiscal management has not gone unnoticed, as reflected in the state’s performance in the latest BudgIT report. For the third quarter of 2024, Benue moved up to the 9th position in the States Fiscal Transparency League Table, a significant improvement from its previous rankings of 35th and 36th, which it had maintained since 2015.
