The Taraba State shocking ₦350 billion bond approval by the State House of Assembly has sparked widespread outrage and fears over the region’s growing debt crisis.
The bond, which was quietly greenlit by lawmakers on March 24, 2025, is structured to be disbursed in ₦20 billion tranches over the next five to seven years. According to the government, the funds will be used to develop critical sectors such as healthcare, biotechnology, waste management, energy, tourism, mining, and road infrastructure. However, the sheer size of the bond has drawn sharp criticism from political figures and civil society groups who fear the move could plunge Taraba deeper into financial instability.
Leading the charge is former Nigerian ambassador to Trinidad and Tobago and ex-chairman of the All Progressives Congress (APC) in Taraba, Alhaji Hassan Jika Ardo. He described the borrowing as reckless, accusing Governor Agbu Kefas’ administration of mismanaging the state’s finances. Ardo claimed the governor has borrowed over ₦400 billion since assuming office, with nothing to show for it but a few renovations.
“I have watched the situation unfold in silence, but it’s getting out of hand,” Ardo said during a phone interview. “This government has not completed a single major project. Instead, it keeps borrowing without delivering tangible results.”
Ardo’s concerns are echoed by the APC National Youth Vanguard in the state, which labeled the bond approval a dangerous move fueled by poor governance. Spokesperson Rikwensi Muri criticized the disbursement plan, warning that without strong oversight, the ₦350 billion could be squandered through corruption and mismanagement.
Adding fuel to the fire, critics questioned why the government needs to borrow such a colossal sum when monthly federal allocations to Taraba have increased from ₦3 billion to ₦13 billion, alongside a boost in internally generated revenue (IGR). Ardo argued that these inflows should be more than sufficient to fund development without relying on external debt.
“The rise in allocations and IGR should translate to infrastructure, jobs, and better living conditions. Instead, what we see is ballooning debt and vanishing accountability,” he said.
The role of the State Assembly has also come under intense scrutiny. Many believe the lawmakers failed in their duty to serve as a check on the executive, accusing them of rubber-stamping the bond without rigorous debate. Allegations have emerged suggesting the legislators may have received financial inducements—a claim swiftly denied by the House Committee Chairman on Information, Nelson Len.
Len described the allegations as baseless and misleading, insisting that the Assembly acted within the law and received no kickbacks. He defended the bond as a necessary tool for development and rejected the notion that the legislature was a puppet of the governor.
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“No government can function without seeking strategic financial support,” Len said. “This bond was legally presented and thoroughly scrutinized. We’re committed to ensuring the money is used transparently for the good of the people.”
Governor Kefas’ Special Adviser on Media and Digital Communication, Emmanuel Bello, fired back at the growing opposition, branding the backlash as politically motivated. He emphasized that the bond is part of a broader plan to modernize Taraba and unlock its economic potential.
“The governor has embraced an open-door policy and remains willing to collaborate across party lines. Instead of hurling criticisms, opposition figures like Ardo should join hands in building the state,” Bello said.
As the controversy deepens, the people of Taraba are left to wonder whether this massive financial gamble will yield real transformation or simply deepen the state’s debt woes. With tensions rising and eyes now firmly fixed on the government’s next move, the unfolding drama could redefine the political and economic landscape of Taraba for years to come.
