Akwa Ibom Completes Full Repayment Of Inherited Bank Loans, Pays Backlog Gratuities Up To March 2021
Wednesday December 3, 2025
www.thenewsdesk.ng
The Akwa Ibom State Government has completed the full repayment of all commercial bank loans inherited from previous administrations . The State Commissioner for Finance, Mr. Emem Almond Bob, announced this on Tuesday, December 2, 2025, during a media briefing in Uyo. He was joined by the Commissioner for Information, Mr. Aniekan Umanah and the Chairman of the State Internal Revenue Service Service, Mr Okon Okon.
Mr. Bob recalled that as at 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. He emphasized that 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.
He disclosed that after a detailed review and negotiations, the administration of His Excellency, Pastor Umo Eno, PhD, cleared the entire debt as at 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.
Mr. Bob also addressed the loan incurred by Ibom Power Company from Afreximbank, noting that it dates back to a 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.
He further stated that out of the N110 billion backlog of gratuities inherited dating back to 2012, the administration has, as of November 2025, paid N76.3 billion, clearing arrears up to March 2021. He described these 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.
Reaffirming the Governor’s stance on fiscal discipline, the Commissioner noted that the administration has not borrowed from commercial banks—and does not intend to do so for now. 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). These, he said, will expand the revenue base, close leakages, and enhance transparency.
Mr. Bob commended Governor Umo Eno’s pragmatic leadership and commitment to prudent financial management, describing these achievements as a testament to the Governor’s dedication to accountability, discipline, and responsible governance.
Fielding questions from journalists, the Commissioner for Information, Hon. Aniekan Umanah, clarified that the briefing was not aimed at probing past administrations, but to respond to public inquiries regarding the state’s loan portfolio and financial management practices. He added that 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.
