Uyo — Akwa Ibom State Governor, Umo Eno, has fully settled all outstanding loans inherited from his predecessor, Mr. Udom Emmanuel, amounting to N39.831 billion.
State Commissioner for Finance and Coordinating Commissioner of Special Duties, Emem Bob, disclosed this during a press briefing in Uyo on Tuesday. According to Bob, the principal of the debt was N34.533 billion, with N5.298 billion paid as interest accrued over the period.
He explained, “As of May 29, 2023, when this administration assumed office, the state inherited a commercial bank debt of N34.533 billion from the previous administration, part of an original N79.496 billion contracted, which was yet to be fully repaid. After thorough review and negotiations, the debt has now been fully cleared as of November 2025.”
In addition to the loan repayment, Bob highlighted the administration’s efforts in tackling the backlog of gratuities dating back to 2012. Out of N110 billion owed, N76.3 billion has been disbursed, clearing backlogs up to March 2021. He credited the achievement to sound financial management, noting that essential services and ongoing development projects were not disrupted.
Reaffirming the governor’s fiscal strategy, Bob stated that the administration intends to avoid new commercial loans, instead focusing on boosting the state’s internally generated revenue (IGR) through reforms. Key initiatives include the Akwa Ibom State Geographic Information System (AKWAGIS) for land digitization and electronic Certificate of Occupancy (e-C of O) processing, and the Digital Electronic IGR Platform (AKWAREMIT) to optimize the Treasury Single Account (TSA).
“These efforts are expected to expand the revenue base, close financial leakages, and improve IGR,” Bob added, signaling a shift toward sustainable fiscal management in the state.
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