By Theresa Donatus, Uyo
In a major fiscal breakthrough, the Akwa Ibom State Government has fully repaid the ₦34.533 billion commercial-bank loan inherited from the previous administration, demonstrating what officials describe as “strict financial discipline and responsible governance.”
Speaking on Wednesday during a press briefing at the Ministry of Special Duties & Ibom Deep Seaport, the Honourable Commissioner for Finance, Mr. Emem Almond Bob, stated that the debt which formed part of a much larger ₦79.496 billion credit portfolio contracted by the former administration, was fully cleared as of November 2025.
According to the Commissioner, the total payout amounted to ₦39.831 billion, comprising ₦34.533 billion in principal and ₦5.298 billion in accumulated interest and penalties.
Beyond loan obligations, the current administration has also cleared ₦76.3 billion of a ₦110 billion gratuity backlog dating back to 2012 reducing outstanding payments up to March 2021.
The Commissioner noted that this payout has brought relief to retirees who had waited years for their entitlements, credited the achievement to: Financial discipline and strict accountability; Enhanced revenue management without halting development projects, Improved credit reputation with financial institutions, Effective resource reallocation enabling long-term planning
These efforts, he said, have repositioned Akwa Ibom as a fiscally stable state capable of independently funding development priorities under the ARISE Agenda.
The Commissioner emphasized that Governor Pastor Umoh Bassey Eno has maintained a non-borrowing stance since assuming office on May 29, 2023. Rather than debt financing, the administration is banking on reforms to expand internal revenue.
Innovations underway include: AKWAGIS , a digitizing land data and electronic Certificates of Occupancy and AKWAREMIT, a digital revenue platform supporting Treasury Single Account operations
These systems aim to plug leakages, improve transparency, and boost revenue efficiency.
Mr. Bob affirmed that the state is entering “a new era of financial stability,” with improved ability to channel funds into critical areas, stimulate private sector confidence, and accelerate social and economic growth.
He thanked the Governor, State Executive Council, finance sector teams, banking partners, and citizens for their cooperation and patience.
Earlier, the Commissioner for Information, Rt Hon Aniekan Umanah, clarified that the briefing was not a probe but a responsible disclosure to media and public inquiries on the State loan profile and to keep the public properly informed.
He described Governor Eno as a leader with a finisher’s anointing who places prudence above politics, adding that the administration is committed to keeping Akwa Ibom stable, solvent and development-driven.
The Chairman of the State Internal Revenue Service assured that the government of Pastor Eno will continue to run a transparent and responsible financial system in line with the ARISE Agenda.
