By RismadarVoice Reporter
December 4, 2025
Akwa Ibom State Governor, Pastor Umo Eno, has fully cleared all outstanding commercial bank loans totalling N39.831 billion, inherited from the immediate past administration of Mr. Udom Emmanuel.
Commissioner for Finance and Coordinating Commissioner of Special Duties, Pastor Emem Bob, disclosed this on during a press conference in Uyo.
According to him, the inherited debt consisted of a principal of N34.533 billion and accrued interest of N5.298 billion, amounting to a total repayment of N39.831 billion.
“We could all recall that as of 29th May, 2023, when this administration began its term, it inherited a commercial-bank debt of N34.533bn from the previous administration, being part of the outstanding balance of N79.496bn contracted by that administration,” Bob explained.
“After a thorough review and negotiations, the administration of His Excellency, Umo Eno, has fully cleared the debt as of November 2025. The total amount paid was N39.831bn, which includes interest accrued over the two-year period and penalties settled in full.”
Bob further disclosed that, in addition to liquidating the commercial-bank debt, the governor had made significant progress in settling gratuity arrears.
Out of the N110 billion backlog dating back to 2012, the current administration has paid N76.3 billion, clearing outstanding gratuities up to March 2021.
He attributed these achievements to strict financial discipline and prudent management, noting that the government has maintained essential services and ongoing development projects without resorting to fresh commercial-bank loans.
The commissioner reaffirmed Governor Eno’s commitment to strengthening the state’s revenue base through reforms aimed at improving transparency, efficiency, and digitalisation.
Key initiatives highlighted include the Akwa Ibom State Geographic Information System (AKWAGIS) to streamline electronic Certificates of Occupancy and land administration, as well as the Digital Electronic IGR Platform (AKWAREMIT) to enhance the full operationalisation of the Treasury Single Account (TSA).
“These efforts are expected to expand the state’s revenue base, close financial leakages, and significantly boost internally generated revenue,” Bob said.
