Akwa Ibom State commissioner for finance, Emem Bob, said the state is no longer indebted to any commercial banks, as Governor Umo Eno has cleared all the inherited loans from the previous administration in the state.
Bob announced this during a press conference in Uyo to clear the public perception on the financial health of the present administration in Akwa Ibom State.
Bob, who was accompanied by the chairman of Akwa Ibom State Internal Revenue Service (AKIRS), Sir Okon Okon, and the commissioner for information, Dr Aniekan Umanah, explained that out of the N79.496b loan borrowed by the previous administration, which paid a good chunk of the loan before their exit in 2023, Pastor Umo Eno has settled the N34.533b balance, giving the state what he described as ‘no debt status’ with any commercial bank.
“As of May 29, 2023, when the present administration took office, it inherited a commercial bank debt of N34.533 billion, being the outstanding portion of a N79.496 billion loan previously contracted.
“The current administration neither acquired any of these loans nor took new ones but assumed responsibility for the outstanding debt to safeguard the state’s credit standing and free resources for developmental priorities.”
“After a detailed review and negotiations, the administration of His Excellency, Pastor Umo Eno, PhD, cleared the entire debt as of November 2025, paying a total of N39.831 billion, comprising N34.533 billion principal and N5.298 billion interest, which covered borrowing costs and accrued penalties.”
The finance commissioner also addressed the loan incurred by Ibom Power Company from Afreximbank and explained that the loan dates back to the previous administration.
“Of the outstanding $7.8 million, the present government has so far repaid about N3.5 billion, demonstrating commitment to protecting the strategic asset and preventing receivership.”
Bob further disclosed that out of the N110 billion backlog of gratuities inherited from as far back as 2012, the administration from November 2025 paid N76.3 billion, clearing arrears up to March 2021.
He described these financial milestones as significant steps that have boosted investor confidence, expanded fiscal space for ARISE Agenda projects, strengthened long-term financial stability and positioned Akwa Ibom State for sustainable economic growth.
Bob reaffirmed Governor Umo Eno’s stance on fiscal discipline, adding that the administration has not borrowed from commercial banks and does not intend to do so at the moment.
He outlined ongoing revenue reforms, including the Akwa Ibom State Geographic Information System (AKWAGIS) for land digitisation and e-C of Os, as well as the AKWAREMIT digital revenue platform to ensure full implementation of the Treasury Single Account (TSA).
According to Bob, these will expand the revenue base, close leakages and enhance transparency.
“I commend Umo Eno’s pragmatic leadership and commitment to prudent financial management, as these achievements are testaments to the governor’s dedication to accountability, discipline and responsible governance.”
The commissioner for information, Umanah, while fielding questions from journalists, clarified that the briefing was not aimed at probing past administrations but at responding to public enquiries regarding the state’s loan portfolio and financial management practices.
“The full repayment of inherited debt will enhance service delivery, as more funds can now be channelled to ARISE Agenda projects without the burden of debt servicing.”
