A public disagreement has erupted among aides to former Benue Governor Samuel Ortom over the handling of a ₦7.4 billion monthly debt servicing obligation.
During a heated internal meeting, one of Ortom’s directors reportedly accused another aide of mishandling the finances, stating: “Why are you paying this huge amount when we have not budgeted for it?” The counterclaim emphasized that the debt must be met to protect the state’s credit standing.
The Managing Director of the Benue Investments and Property Company, Dr. Raymond Asemakaha, had in a public statement disclosed that the Alia administration spends about N7.4bn monthly on debt servicing, amounting to N21.4bn in the first quarter of 2025.
He described the state’s debt situation as “akin to flying an aircraft into turbulent headwinds,” putting the domestic debt at N122.5bn and external debt at $26.4m, with a debt service ratio of 413 per cent.
According to Asemakaha, despite an increase in allocations from the Federation Account, a large portion of the state’s revenue still goes into debt repayment.
“What this means is that in Q1 2025, Benue State’s debt service cost was N21.40bn deducted from FAAC allocation as loan repayment,” he said.
The BIPC boss, however, defended Governor Alia’s fiscal policy, saying the administration was aggressively pursuing alternative income sources to boost internally generated revenue.
He added that investments in infrastructure were meant to attract private sector participation and stimulate job creation.
But in a swift reaction, l Ortom’s media aide, Terver Akase, faulted the BIPC MD’s figures, accusing the Alia administration of misleading the public about the true debt situation of the state.
“What this means is that in Q1 2025, Benue State’s debt service cost was N21.40bn deducted from FAAC allocation as loan repayment,” he said.
The BIPC boss, however, defended Governor Alia’s fiscal policy, saying the administration was aggressively pursuing alternative income sources to boost internally generated revenue.
He added that investments in infrastructure were meant to attract private sector participation and stimulate job creation.
But in a swift reaction, l Ortom’s media aide, Terver Akase, faulted the BIPC MD’s figures, accusing the Alia administration of misleading the public about the true debt situation of the state.
Akase questioned how the state could spend more on debt servicing than the actual liabilities declared, and demanded full disclosure of Benue’s debt details, including repayment schedules and revenue sources.
“If the Alia government claims Benue State spends N7.4bn monthly on debt servicing, why has it not disclosed how much it receives in federal allocations each month?” Akase asked.
He also pointed out inconsistencies in the figures, noting that “if N7.4 billion is spent monthly, a three-month total should amount to N22.2 billion, not N21.4 billion as claimed.”
Akase further argued that the debt service ratio of 413 per cent was “unrealistic and unverifiable,” adding that the government had failed to state the revenue base or year used in computing the figure.
“The Alia administration must publish a transparent debt profile of the state — domestic and external — including interest rates, maturities, creditors, and repayment plans,” he said.
He also called for details of any pending refunds and recoveries, including subsidy withdrawals, stamp duty arrears, and SURE-P funds that were expected at the time Alia assumed office in 2023.
The disagreement signals tension within Ortom’s political circle and raises concerns about transparency and fiscal responsibility.
