The Benue State Government has disclosed that it spent $2.82 million (approximately N4.53 billion) to service external loans between June 2023 and June 2024.
Governor Hyacinth Alia made this known in a statement issued by his Chief Press Secretary, Sir Tersoo Kula, on Monday in Makurdi.
The statement emphasised that the current administration has refrained from borrowing since taking office, focusing instead on reducing the state’s debt burden inherited from the previous government.
Governor Alia highlighted that the Debt Management Office (DMO) report for the period under review reflects a significant decline in Benue’s external debt profile.
“Having inherited over N350 billion in debt from the previous administration, we have prioritised cautious financial management. Despite executing numerous developmental projects across the state—many of which are already completed—we have not resorted to taking new loans,” the statement read.
The governor reiterated his administration’s commitment to reshaping governance in Benue, focusing on sustainable development and effective resource management.
In addition to reducing debt, Governor Alia celebrated the state’s remarkable improvement in fiscal transparency. According to the latest BudgIT release on the States Fiscal Transparency League Table for Q3 2024, Benue has climbed to 9th place, a significant improvement from the 35th and 36th positions it had been oscillating between since 2015.
“This administration is committed to delivering the dividends of democracy and ensuring that the future of the state is prioritised in every decision we make,” Alia stated.
Governor Alia reassured residents of his administration’s dedication to prudent financial management, resource optimisation, and good governance, aimed at fostering long-term development and reducing Benue’s debt burden.
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