A fresh round of political confrontation has erupted between the camps of former Benue State Governor, Samuel Ortom, and his successor, Governor Hyacinth Alia, over the state’s debt profile and alleged inconsistencies in government financial disclosures.
The latest dispute was triggered by comments from the Managing Director of the Benue Investments and Property Company (BIPC), Dr. Raymond Asemakaha, who disclosed that the Alia administration spends about ₦7.4 billion monthly on debt servicing — totaling ₦21.4 billion in the first quarter of 2025.
Asemakaha likened the state’s financial situation to “flying an aircraft into turbulent headwinds,” noting that Benue’s domestic debt stands at ₦122.5 billion, while its external debt amounts to $26.4 million, resulting in what he described as a “debt service ratio of 413 per cent.”
Despite increased federal allocations, Asemakaha said a significant portion of the state’s revenue is being used to service debts, a situation he said has limited fiscal flexibility.
“What this means is that in Q1 2025, Benue State’s debt service cost was ₦21.4 billion, deducted directly from FAAC allocations as loan repayments,” he said.
Defending Governor Alia’s fiscal policy, the BIPC boss maintained that the administration is implementing reforms to boost internally generated revenue and attract private investment through infrastructure development.
However, Ortom’s camp swiftly countered the claim. In a statement issued on Sunday, Terver Akase, media aide to the former governor, accused the Alia administration of misrepresenting financial data to justify poor transparency and performance.
Akase questioned the accuracy of the figures released by the BIPC boss, describing them as “mathematically inconsistent and fiscally misleading.”
“If the Alia government claims Benue spends ₦7.4 billion monthly on debt servicing, why has it failed to disclose how much it receives from federal allocations each month?” Akase queried.
He further pointed out discrepancies in the reported figures, noting that three months of ₦7.4 billion monthly debt service would amount to ₦22.2 billion, not ₦21.4 billion as claimed.
Akase also dismissed the reported debt service ratio of 413 per cent as “unrealistic and unverifiable,” insisting that the administration should publish a comprehensive and transparent debt profile showing the state’s domestic and external obligations, including interest rates, maturities, creditors, and repayment plans.
“The government owes the people of Benue full disclosure. It must also clarify pending refunds, recoveries, and arrears such as subsidy withdrawals, stamp duty, and SURE-P funds that were due when Governor Alia assumed office,” he added.
The latest exchange underscores the growing tension between both camps, as the current administration continues to attribute the state’s fiscal woes to the previous government, while Ortom’s allies accuse Alia of weaponizing debt figures to deflect from governance and accountability lapses.
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