A financial expert, James Ayati, has questioned the Benue State Government’s decision to obtain an N11 billion commercial loan for infrastructure projects despite a reported N55.92 billion in unspent capital receipts at the end of June 2026.

Ayati raised questions over the state’s financial position under Governor Hyacinth Alia, particularly against the backdrop of increased government revenue and a reported decline in the state’s domestic debt.

In an analysis, Ayati asked whether Benue was financially constrained despite the state government’s own financial reports indicating that significant funds remained unspent as of June 2026.

He also questioned why the administration opted to borrow N11 billion instead of deploying part of the reported N55.92 billion available for capital expenditure.

Ayati further queried why additional debt was being placed on Benue taxpayers if the state had sufficient funds to finance infrastructure projects.

He said the questions became more significant because, according to his analysis, the N11 billion loan was obtained with a cash-backed collateral of N54 billion in a government account that remained unused.

According to Ayati, the Alia administration owes the people of Benue an explanation for borrowing N11 billion from a commercial bank for infrastructure when the state’s financial reports showed N55.92 billion in unspent capital receipts at the end of June 2026.

He said his analysis was based on figures contained in financial reports published by the Benue State Government.

Ayati noted that at the end of the 2025 financial year, Benue State had N44.74 billion in unspent capital receipts, citing the Benue State 2025 Audited Financial Statement.

He said the state’s financial position changed further in the first quarter of 2026.

According to the Benue State Budget Implementation Report (BIR) for Q1 2026, the state recorded N128.17 billion in earned revenue between January and March 2026, while total expenditure stood at N82.28 billion.

Ayati said the figures left N45.89 billion in unspent capital receipts at the end of March 2026.

He further cited the Benue State BIR for Q2 2026, which he said showed that the state earned another N94.26 billion in statutory revenue between April and June 2026.

According to his calculation, when the N45.89 billion balance carried forward from Q1 was added to the revenue recorded in Q2, the reported capital receipts available amounted to N140.15 billion.

He said the state recorded N84.23 billion in actual expenditure during the second quarter, leaving N55.92 billion in unspent capital receipts at the end of June 2026.

Ayati said the figures raised broader questions about the state’s financial planning and debt management, particularly as Benue’s revenue has reportedly increased substantially in recent years.

He noted that the state’s annual actual revenue rose from about N100 billion in 2022 to approximately N148 billion in 2023, N328 billion in 2024 and N443 billion in 2025.

At the same time, he said Benue’s domestic debt reportedly declined by nearly 40 per cent, from about N188 billion in the first quarter of 2023 to N113 billion, citing reports from the State Debt Management Office.

Ayati further claimed that since 2023, the state had paid about 15 per cent of its actual total revenue towards debt servicing, amounting to approximately N171 billion.

Against that background, he questioned why the state needed to contract another N11 billion commercial loan for infrastructure despite its reported increase in revenue and reduction in domestic debt.

He described the issue as one of financial planning, cash management and value for money rather than simply whether the state had money available on paper.

“If the state had N55.92 billion in unspent capital receipts at the end of June 2026, why was an additional N11 billion commercial loan needed for infrastructure — an amount equivalent to only about one-fifth of the reported unspent balance?” Ayati asked.

He also questioned whether the existing funds could have been deployed before resorting to commercial borrowing and whether there were legal, contractual or other restrictions preventing the use of the reported funds.

“If the N55.92 billion was genuinely available for capital spending, why borrow at a cost to taxpayers when significant funds remained unspent?” he asked.

Ayati stressed that the questions were legitimate for any government entrusted with the management of public resources.

“The figures come from the government’s own financial reports. The issue, therefore, is not whether Benue has money on paper,” he concluded.

Hon. Hamma Adama Ali Kumo, Deputy National Financial Secretary of the All Progressives Congress (APC) and Chairman, Board of Trustees of the Industrial Training Fund (ITF), has joined party leaders and members nationwide in celebrating the APC National Chairman on the occasion of his 58th birthday.In a goodwill message, Hon. Kumo described the Chairman as a visionary leader whose commitment to democratic ideals and party unity has been a source of inspiration to millions of Nigerians. He noted that the Chairman’s leadership has been marked by resilience, inclusivity, and a deep sense of responsibility, qualities that have strengthened the APC and consolidated its role in Nigeria’s democratic journey.“At 58, our National Chairman exemplifies the finest qualities of statesmanship. His dedication to building consensus, fostering unity, and advancing the cause of good governance has left indelible marks on our party and our nation,” Kumo stated.The APC Deputy National Financial Secretary emphasized that the celebrant’s leadership style has been defined by integrity and courage, guiding the party through challenging times with wisdom and foresight. He added that the Chairman’s ability to inspire confidence across diverse political and social groups has ensured that the APC remains a beacon of hope for Nigerians.“As Chairman, you have demonstrated uncommon vision and fortitude. Your stewardship has strengthened our internal structures, enhanced our democratic processes, and positioned the APC as a party of progress and inclusivity. We celebrate you today not only as a leader but as a patriot whose contributions continue to shape the future of our country,” Kumo said.Hon. Kumo, who also serves as Chairman of the ITF Board of Trustees, highlighted the Chairman’s role in mentoring younger politicians and promoting policies that encourage national development. He noted that the Chairman’s emphasis on unity and service has created a culture of trust and collaboration within the APC, ensuring its continued relevance in Nigeria’s political landscape.“As you mark this milestone, we pray for renewed strength, wisdom, and fulfillment in your continued service to our party and our country. May the years ahead bring greater accomplishments and enduring peace,” Kumo concluded.The 58th birthday celebration of the APC National Chairman has drawn tributes from across the political spectrum, underscoring his influence and the respect he commands as a leader. His contributions to the growth of the APC and the deepening of Nigeria’s democracy remain a source of inspiration to party members and citizens alike.

The Economic and Financial Crimes Commission (EFCC) has returned N125 million recovered from a suspect in an alleged land fraud case to a Lagos businessman, Akinsewa Akiode.

The commission disclosed this in a statement issued on Friday by its Head of Media and Publicity, Dele Oyewale, saying the money was handed over to Akiode on Thursday by officials of the EFCC Lagos Zonal Directorate 2 in Ikoyi following the conclusion of investigations.

According to the EFCC, the investigation followed a petition by Akiode, who alleged that Olufemi Fashehun collected N125 million from him for the purchase of a 550-square-metre property at No. 10, Kudirat Abiola Way, Oregun, Lagos.

The businessman reportedly discovered after completing the transaction that the property had been involved in litigation since 2011, a development he alleged was concealed from him before the sale.

The EFCC said its investigation established that Fashehun had previously received several court processes, including injunctions restraining him from developing the property, but allegedly failed to disclose the ongoing legal dispute before receiving the payment.

Akiode subsequently lost both the property and structures he had begun developing on the land, prompting him to petition the EFCC for intervention.

Following its investigation, the commission said it recovered the full N125 million from Fashehun and refunded the money to Akiode through Sterling Bank drafts.

The recovery is part of a series of restitution efforts by the anti-graft agency. Earlier, the EFCC returned N108 million recovered during an investigation into an alleged fraud involving two former employees of Greenwich Planet Sun King Nigeria Limited.

In October 2025, the commission also handed over three houses, two vehicles and N1.1 million recovered from a convicted fraudster to one of his victims in Ibadan after a Federal High Court ordered the assets forfeited.

Speaking during the latest handover, the Acting Zonal Director of the EFCC Lagos Zonal Directorate 2, Bawa Kaltungo, reaffirmed the commission’s commitment to investigating economic and financial crimes, recovering proceeds of illicit activities and ensuring restitution to victims where possible.

The EFCC did not disclose whether criminal charges had been filed against Fashehun in connection with the alleged transaction.