Fitch Affirms Benue ‘B’ Outlook Stable

Fitch Ratings, in its latest report for July 2026, affirmed Benue State’s Long-Term Issuer Default Rating (IDR) at ‘B’ and the National Long-Term Rating from ‘A-(nga)’ to ‘A(nga)’, with a Stable Outlook.

The agency cited improved fiscal performance, efficient debt servicing, economic Diversification through strategic investment and aggressive industrial drive; better management of federal allocation receivables and rising microeconomic activity that leads to inclusive governance as major contributors to the rating affirmations. These factors have driven the upward revision of its Standalone Credit Profile (SCP) to ‘B’ from ‘B’

Fitch also cautioned Benue’s weak internally generated revenue (IGR), which falls below 10% of the state’s operating revenue.

Fitch Ratings affirmed Benue State’s Long-Term Issuer Default Rating (IDR) to ‘B’ and National Long-Term Rating to ‘A(nga)’ from ‘A-(nga)’ as it affirmed Lagos and Kaduna states’ Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at ‘B’, the statement conveying the new rating reads in part.

The Group Managing Director of Benue Investment and Property Company Limited, Raymond Asemakaha, in a statement issued on Monday, commended the latest Fitch affirmation of Benue State’s credit rating by global rating agency Fitch Ratings.

Asemakaha described it as a testament to the prudent and visionary management of the state’s economy under the leadership of His Excellency Governor Hyacinth Alia, the Executive Governor of Benue State.

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

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