Benue State Achieves Significant Debt Reduction Without New Loans, Says Gov. Alia

Our reporter

Benue State Governor Hyacinth Alia has announced a notable reduction in the State’s external debt profile, emphasising his administration’s commitment to prudent financial management.

Between June 2023 and June 2024, the government allocated $2.82 million (N4.53 billion) to service existing external loans, significantly easing the state’s debt burden. 

 

Governor Alia, through a statement by his Chief Press Secretary, Sir Tersoo Kula, highlighted that this achievement was made without securing new loans since his administration's inception. Instead, the focus has been on reducing the inherited debt of over N350 billion while advancing numerous development projects across Benue. 

 

"Our administration is redefining governance by prioritizing fiscal responsibility and delivering meaningful dividends of democracy to our people," Alia said. He attributed the progress to a commitment to placing the state's future above short-term gains, citing resource management as a cornerstone of the administration's approach. 

 

This financial prudence has been recognized nationally. Benue recently climbed to 9th position in the States Fiscal Transparency League Table, released by BudgIT for Q3 2024, a significant leap from consistently low rankings of 35th and 36th since 2015. 

 

Governor Alia also praised the Debt Management Office's (DMO) acknowledgment of Benue’s debt reduction progress, framing it as a testament to the administration's dedication to good governance and long-term sustainability.