Bwacha demands accountability over Taraba’s $268m EBID facility as Kefas camp denies disbursement
The political rivalry between Taraba State Governor, Agbu Kefas of the All Progressives Congress (APC), and the Peoples Democratic Party (PDP) governorship candidate, Senator Emmanuel Bwacha, has taken a fresh turn, with the opposition candidate demanding explanations over a $268 million financing facility secured from the ECOWAS Bank for Investment and Development (EBID).
However, the governor’s campaign council has insisted that the funds have not been disbursed.
The controversy, which has brought public borrowing and financial accountability into the emerging 2027 governorship contest, centres on three financing agreements reportedly signed between the Taraba State Government and EBID in June 2026 for major industrial, agricultural and renewable energy projects.
While Bwacha has questioned the status of the facility, demanding details of its disbursement, expenditure and economic benefits, the Kefas Campaign Council has dismissed his allegations as misleading, arguing that signing a financing agreement does not mean the money has been released.
Bwacha raised the issue on Saturday in Zing Local Government Area while formally flagging off his governorship campaign, alleging that the $268 million facility had not been adequately accounted for.
The former Deputy Minority Leader of the Senate challenged the Kefas administration to explain the whereabouts of the money and provide details of its utilisation.
He argued that public borrowing must be accompanied by transparency, accountability, value for money and measurable benefits to citizens.
“The $268 million ECOWAS Bank for Investment and Development loan obtained by Governor Agbu Kefas is missing in thin air. We demand to know the whereabouts of the money and what it has been spent on,” Bwacha said.
He noted that the state government and EBID signed three financing agreements in June 2026, reportedly valued at approximately $268 million, to support projects expected to contribute to industrialisation, agricultural production and electricity generation.
The projects include an integrated industrial park, 10,000 hectares of irrigated rice production with modern processing facilities, and a 50-megawatt solar photovoltaic power plant in Jalingo.
Bwacha argued that the existence of financing agreements was not enough to establish that the proposed projects would deliver the anticipated economic benefits.
He called on the government to provide information on the amount accessed, expenditure incurred, jobs created and assets expected to remain after the projects are completed.
“What has been drawn? What has been spent? What value has been created? What jobs have been generated? What assets will remain for future generations? And what repayment obligations will ultimately fall upon the people of Taraba?” he asked.
The PDP candidate extended his criticism to broader concerns about infrastructure, public expenditure, borrowing, social services and the relationship between government institutions and communities.
He maintained that the performance of any administration should be assessed by its impact on ordinary residents rather than announcements of projects or financial commitments.
According to him, farmers, civil servants, pensioners, unemployed graduates, mothers seeking healthcare and children depending on public education should be central to decisions on public spending.
Bwacha argued that Taraba needed a governance system capable of connecting public institutions with communities, creating economic opportunities and translating state resources into tangible improvements in living conditions.
However, the allegation that the financing facility had disappeared remains contested, with the Kefas Campaign Council insisting that the distinction between a financing agreement and actual disbursement is central to understanding the issue.
In a swift reaction, the campaign council rejected Bwacha’s allegation, insisting that the $268 million facility had not been disbursed.
In a statement signed by its Director of Media and Strategic Communication, Emmanuel Bello, the council described the opposition candidate’s claims as misleading and accused him of creating public anxiety without establishing that the funds had been released.
The council said the Taraba State Government signed the financing agreements with EBID on June 26, 2026, for the integrated industrial park, irrigated rice production and processing facilities, and the 50-megawatt solar power project.
It maintained that signing the agreements did not automatically translate into the release of funds, explaining that disbursement remained subject to applicable conditions precedent, regulatory processes and statutory approvals.
The statement also cited the state’s Commissioner for Finance, Dr Sarah Enoch Adi, who reportedly explained that the financing arrangements would not result in an immediate transfer of funds without the fulfilment of the necessary requirements.
According to the campaign council, Bwacha should establish that the money had actually been released before alleging that it had been misappropriated.
It challenged him to present verifiable evidence to the appropriate authorities and the public if he had information showing that the funds had been disbursed and subsequently diverted.
The council further questioned the opposition candidate’s understanding of public finance, noting that his 12 years in the National Assembly should have equipped him to distinguish between a financing commitment and money available in government accounts.
It argued that such distinctions were necessary for an informed discussion of public borrowing and development financing.
Taraba 2027: Bwacha, Kefas clash over $268m ECOWAS bank financing