A fresh confrontation emerged on Sunday, between camps loyal to former Benue State governor, Samuel Ortom, and his successor, Hyacinth Alia, over the state’s debt levels and alleged inconsistencies in government financial disclosures.
Dr. Raymond Asemakaha, managing director of the Benue Investments and Property Company (BIPC), revealed in a public statement that the Alia administration spends about N7.4 billion every month on debt servicing, totaling N21.4 billion during the first quarter of 2025.
He likened the state’s debt situation to “flying an aircraft into turbulent headwinds,” reporting that domestic debt stands at N122.5 billion while external debt totals $26.4 million, resulting in a debt service ratio of 413 percent. He added that despite increases in federal allocations, a considerable portion of the state’s revenue continues to be used for loan repayment.
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Asemakaha defended Governor Alia’s fiscal policies, stating that the administration is pursuing alternative revenue sources to strengthen internally generated revenue. He also noted that infrastructure investments are intended to attract private sector involvement and promote job creation across the state.
In response, Ortom’s media aide, Terver Akase, criticized the BIPC figures, accusing the Alia government of misrepresenting the true debt position to the public.
Akase questioned how the state could spend more on debt servicing than its declared liabilities and called for a full disclosure of Benue’s debt, including repayment schedules and revenue sources. He said, “If N7.4 billion is spent monthly, a three-month total should be N22.2 billion, not N21.4 billion as claimed,” highlighting discrepancies in the reported figures.
He further argued that the debt service ratio of 413 percent is “unrealistic and unverifiable,” noting that the government has not disclosed the revenue base or fiscal year used in calculating the ratio. Akase urged the administration to provide a detailed and transparent debt profile covering domestic and external loans, including interest rates, maturities, and creditor details.
According to PUNCH, the exchange marks another episode in the continuing political tensions between the two camps. Ortom had previously refuted claims that Alia inherited a debt of N359 billion, insisting that his administration handed over N187 billion, which included salary arrears, loans, and contractual obligations.
Governor Alia, on his part, has claimed that he inherited an empty treasury and a debt profile of N187.56 billion, accompanied by several months of unpaid salaries.
These conflicting accounts have fueled public debate over fiscal transparency and the management of state finances in Benue.
