Taraba to Inject $1.5b into economy, targets N110b IGR by 2029

The Taraba State government has announced plans to source $1.5 billion (N2 trillion) to drive economic growth and reduce the state’s dependence on federal allocation.

The state government also aims to achieve an internally generated revenue (IGR) of N110 billion by 2029.

Taraba State Commissioner for Energy and Economic Development, Naomi Agbu, disclosed this yesterday during an interactive session with critical stakeholders in Abuja and its environs, held at the behest of the state governor, Agbu Kefas.

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According to the commissioner, the state government has already begun discussions with three development banks – the ECOWAS Bank for Investment and Development, the African Export-Import Bank (Afreximbank), and the African Development Bank to raise the funds.

She stated that the funds would be directed toward key sectors of the economy, including renewable energy, agriculture, and solid minerals.

Explaining the rationale for sourcing the funds, Agbu said that investing in power was crucial to the state’s economic survival. She lamented that about five local government areas in Taraba are not connected to the national grid.

“For the ECOWAS bank, we’ve advanced to the stage of proceeding for board approval and presentation for the approval of some projects that have already been detailed,” she said.

“For Afreximbank, we’ve commenced document exchange with them, and for the African Development Bank, we will continue with the engagement.

Tomorrow (Monday), we will meet with the Country Managing Director of the African Development Bank to further progress the development of Taraba State.

“Across all these financial institutions, our target is to raise no less than $1.5 billion, which is over 2 trillion Naira, to inject into the economy of Taraba State.

“You might say the number is high, but if we don’t do it now, when will we do it? As a youth, a number of things break my heart, especially when I come to my own home state and see that five local governments are not connected to the national grid.

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If we don’t do it now, we won’t be able to secure the future for our children, and I know His Excellency, our governor, understands this keenly.”

Agbu also noted that the state has successfully passed its own electricity law, the Taraba State Electricity Law 2024, which grants it the power to establish its own electricity regulatory commission, generation company, distribution company, rural electrification board, and electricity infrastructure provision fund.

She said this is a significant development, considering that 80 percent of Nigeria’s power is currently generated in the south, with only 20 percent coming from the North.

The commissioner observed that the current allocation from the national grid is insufficient to meet the state’s needs.

Earlier, Governor Kefas said that while Taraba faces challenges in security and the economy, the state has made significant strides in several sectors.

“One of our key steps is to engage our partners to build critical infrastructure to create opportunities and enhance economic activities.

As we prepare for the 2025 budget, I want to share some insights. We are prioritizing education, welfare, and infrastructure. Every kobo spent will be accounted for,” he stated.

“The challenges we face are also opportunities. Taraba is not a poor state. What we need today is collective effort. Development requires that all hands be on deck.”

In his presentation, the Chairman of the Taraba Internal Revenue Service (TIRS), Retired General Jeremiah Aliyu Faransa, said the agency has faced numerous challenges that have hindered its ability to optimize revenue collection.

These challenges include a lack of professionalism, unclear policies on revenue generation, and manual revenue collection methods.

Represented by Theophilus Japheth, a board member of TIRS, Faransa, who is also the Chairman of the Taraba State Taskforce on Environmental Protection, Public Safety, and Prohibition of Land Degradation, expressed concern that the state is 91 percent dependent on the Federation Account Allocation Committee (FAAC).

He noted that Taraba generated N1.6 billion in October 2024 as IGR and disclosed that the state aims to earn N65 billion by 2025, N72 billion in 2026, N83 billion in 2027, N95 billion in 2028, and N110 billion in 2029.

“This is our projection for N65 billion next year. This is far above what has been set as our target, but because we want to drive our economy, we have to set an ambitious target for ourselves. When we exceed that, we know we are not resting on our laurels,” he said.

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Commissioner for Environment and Climate Change, Aishat Barde, said the state government has demonstrated its commitment to environmental sustainability by allocating five percent of the 2024 total budget, amounting to N15,766,325,366, for the Taraba Building Initiative.

Barde also revealed that, in combating deforestation and promoting biodiversity conservation, the government has launched a two-million-tree planting campaign across nine local government areas.

Commissioner for Education, Dr. Augustina Godwin, highlighted the state’s free education policy and a 50 percent reduction in tuition fees by the state government. She said the government recently spent N1.6 billion on internal and external examinations for students.