The Adamawa State Debt Management Agency (DMAS) has debunked a recent online report on the state’s debt status, describing it as misleading, technically inaccurate, and lacking proper understanding of public debt management procedures.
In a statement signed by the Director-General of the Agency, Professor Ibrahim Danjuma, and the Deputy Director, Helda Moses Yaduma, the DMAS emphasized that the report allegedly based on data from the Debt Management Office (DMO) in Abuja failed to reflect the true, reconciled, and current position of Adamawa State’s debt profile.
The Agency said the clarification was necessary in line with Governor Ahmadu Umaru Fintiri’s commitment to the Open Government Partnership (OGP) principles, which promote transparency and accountability in governance.
“The report is full of misfiring and a lack of understanding of the technical matters involved in debt profiling, reporting, and sustainability,” the statement read. “Adamawa State operates a transparent, responsible, and sustainable debt management framework that is publicly verifiable.”
The DMAS explained that the Adamawa State Government has institutionalized a quarterly debt reporting system, with details of liabilities and assets regularly published on the State Ministry of Finance’s official website.
According to the Agency, as of June 30, 2025, the state’s active and restructured loan obligations stood at N48.21 billion, a figure the Agency said is “responsible and sustainable” within the framework of Nigeria’s credit-based development economy.
“The state’s Quarterly Debt Report for June 2025 is publicly available, and it provides a transparent snapshot of our financial position,” the Agency said. “This administration has nothing to hide.”
The statement further revealed that between September 29 and October 3, 2025, the DMAS conducted a comprehensive debt reconciliation exercise with the Debt Management Office (DMO) in Abuja to ensure perfect alignment between federal and state debt records.
“The forthcoming reconciled data is being processed and will be published in our comprehensive Third Quarter Report for 2025 by the end of October,” the DG said. “The reporter who rushed to publish outdated figures ignored this ongoing process.”
The DMAS noted that when Governor Fintiri assumed office in 2019, his administration inherited a heavy debt burden but has since paid down over N70 billion of that legacy debt.
“While the gross debt may appear to have increased, this must be viewed in the context of inherited liabilities and the strategic use of new borrowings for capital development,” the statement clarified. “Every kobo borrowed under this administration is tied to tangible projects that improve citizens’ welfare.”
The Agency stressed that the Fintiri-led government has institutionalized a project-tied borrowing policy, ensuring that all loans are directed towards capital investments such as roads, schools, and healthcare facilities, not recurrent expenditure.
“Adamawa’s borrowings are strictly for development, not consumption. The narrative of ‘irresponsible debt’ is unfair and inaccurate,” Prof. Danjuma stated. “We invite the public to review our published reports for factual information.”
The DMAS announced that it will soon publish detailed analyses including Debt Sustainability Analysis (DSA), Debt Servicing Sustainability Ratio (DSSR), and Comprehensive Domestic and External Loan Portfolio under Governor Fintiri’s administration.
The Agency reaffirmed its unwavering commitment to transparency, accountability, and sound debt management practices aimed at sustaining Adamawa’s economic growth.
“Governor Fintiri’s administration remains focused on responsible borrowing, prompt debt servicing, and transparent reporting — ensuring every debt translates into visible development for the people of Adamawa State,” the statement concluded.
