Benue retains ‘B’ rating as Fitch notes fiscal gains, economic diversification

Fitch Ratings has affirmed Benue State’s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at ‘B’ with a Stable Outlook, citing improved fiscal performance and aggressive economic diversification under Governor Hyacinth Alia.

In its report dated July 10, 2026, Fitch also upgraded the State’s National Long-Term Rating to ‘A(nga)’ from ‘A-(nga)’. The agency said the upgrade reflects better management of federal allocation receivables, efficient debt servicing, and rising microeconomic activity driven by inclusive governance.

The rating agency noted that these factors drove an upward revision of Benue’s Standalone Credit Profile, SCP, to ‘B’ from ‘B-’.

However, Fitch cautioned that Benue’s Internally Generated Revenue, IGR, remains weak, accounting for less than 10% of the state’s operating revenue.

Reacting to the affirmation, Raymond Asemakaha, Group Managing Director of Benue Investment and Property Company Limited (BIPC), described it as a testament to the prudent and visionary management of the State’s economy under Governor Hyacinth Alia.

“This affirmation is a direct outcome of Governor Alia’s disciplined financial management and reform-driven agenda. His Excellency’s commitment to fiscal sustainability, debt accountability, and economic diversification has laid the groundwork for this national and international recognition”, Asemakaha said.

He said since the inception of Alia’s Administration, Benue has witnessed deliberate efforts to reposition the economy through sectoral reforms, transparency, and identification of key sectors with high growth potential.

Asemakaha noted that BIPC’s expanding portfolio of strategic business ventures across key sectors has significantly contributed to the microeconomic activities highlighted in the Fitch report.

“We at BIPC are proud to play a key role in supporting this vision,” he added.

The BIPC GMD reaffirmed the company’s commitment to aligning its investment strategy with the Governor’s development blueprint to ensure Benue remains a credible and attractive destination for investors both locally and globally.

Fitch also affirmed Lagos and Kaduna States’ Long-Term Foreign and Local-Currency IDRs at ‘B’ in the same rating action.