A fresh dispute has emerged between former Benue State Governor Samuel Ortom and his successor, Governor Hyacinth Alia, centering on contradictory assertions about the state’s debt status and the reliability of its financial reports.
The controversy intensified following remarks by Dr. Raymond Asemakaha, Managing Director of the Benue Investment and Property Company (BIPC), who revealed on Sunday that the Alia administration allocates roughly ₦7.4 billion each month to debt servicing, amounting to ₦21.4 billion in the first quarter of 2025.
Asemakaha compared the state’s debt situation to “navigating a plane through strong headwinds,” estimating Benue’s domestic debt at ₦122.5 billion and external obligations at $26.4 million, with a debt service ratio reportedly reaching 413 percent.
He highlighted that despite increased revenue inflows from the Federation Account, a large share of the state’s income is still diverted to loan repayments.
“In just the first three months of 2025, ₦21.4 billion was deducted from Benue’s FAAC disbursements to cover existing debts,” Asemakaha stated.
In defense of the government’s financial strategy, the BIPC head emphasized that Governor Alia’s team is actively exploring new revenue avenues to boost internally generated funds, alongside investing in infrastructure projects designed to encourage private sector expansion and create employment opportunities.
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Responding promptly, Ortom’s spokesperson, Terver Akase, dismissed the BIPC’s figures as inaccurate and deceptive, accusing the Alia administration of distorting the state’s fiscal reality.
Akase questioned the calculations, noting that “if ₦7.4 billion is spent monthly on debt servicing, the total for three months should be ₦22.2 billion, not the ₦21.4 billion reported.”
He further urged the government to release detailed monthly federal allocation data and provide transparent documentation of all outstanding debts.
“The claimed debt service ratio of 413 percent lacks credibility and cannot be verified,” Akase argued. “There is no clarity on the revenue base or the fiscal year used to derive this figure.”
He called on the Alia administration to publish a comprehensive debt register, outlining domestic and foreign debts, interest rates, repayment schedules, creditors, and maturity dates.
Additionally, Akase requested updates on pending financial recoveries, including subsidy refunds, unpaid stamp duties, and uncollected SURE-P funds that were due when Alia took office in 2023.
This latest exchange adds to an ongoing series of public disagreements between the two factions regarding the management of Benue’s finances. While Governor Alia’s team attributes the state’s economic challenges to previous administrations, Ortom’s supporters contend that the current government is using debt figures to deflect from issues of transparency and fiscal responsibility within its own ranks.
