On Tuesday, January 30, 2024, the Fitch Ratings rating agency awarded Benue State a long-term issuer default rating (IDR) “B-” and a national long-term “A- (nga)” rating on Tuesday, January 30, 2024, with a stable outlook.

The ratings given to Benue State reflect the dependence of Benue's income on transfers from the Federal Government of Nigeria. The “b-” SCP reflects Benue's volatile operating balance and the increase in adjusted debt. The IDRs are aligned with Nigeria's “B-” grade. The stable outlook on IDRs reflects that on the sovereign. Benue's “vulnerable” risk profile reflects a very high risk that the state's ability to cover debt service with its operating balance could weaken unexpectedly over our forecast horizon (2024-2028).

Benue has a wide range of responsibilities and significant expenses must be incurred to support the local economy. Spending responsibilities range from the social sector (about a third, including education and health) and economic development (about 35%).