Akwa Ibom gov clears N39.8bn inherited loan

A file photo: Akwa-Ibom Governor, Umo Eno.

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Akwa Ibom State Governor, Umo Eno, has cleared all outstanding loans, totalling N39.831bn, inherited from his predecessor, Mr Udom Emmanuel.

The Commissioner for Finance and Coordinating Commissioner of Special Duties, Emem Bob, disclosed this in Uyo while addressing a press conference on Tuesday.

He said that out of the N39.831bn paid, the principal was N34.533bn, while the interest stood at N5.298bn.

“We could all recall that as of 29th May, 2023, when this administration began its term, the new administration inherited a commercial-bank debt of N34.533bn from the previous administration as a result of the outstanding balance of N79.496bn contracted by that administration, for which full repayment was pending.

“After a thorough review and negotiations, this administration of His Excellency, Umo Eno, has fully cleared the debt as of last month of November, 2025.

“The total amount paid was N39.831bn. The interest reflects the cost of borrowing over the two-year period and the accrued penalties that were settled in full,” he said.

Bob added that, besides the commercial bank debt settlement, out of the N110bn backlog of gratuities inherited dating back to 2012, the current administration had paid N76.3bn, clearing backlogs up to March 2021.

He attributed this achievement to financial discipline and management without disrupting essential services or ongoing development projects.

The commissioner reiterated the governor’s resolve not to seek loans from commercial banks, focusing instead on reforms to enhance the state’s internally generated revenue.

“Key initiatives include the Akwa Ibom State Geographic Information System (AKWAGIS), which will be utilised to improve electronic Certificate of Occupancy (e-C of O) processes and land digitisation, promoting greater transparency and efficiency, as well as the new Digital Electronic IGR Platform (AKWAREMIT) to enhance full operationalization of Treasury Single Account (TSA).

“These efforts are anticipated to lead to expansion of the revenue base, closure of financial leakages, and improvement in IGR,” the statement added.

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