A’Ibom clears N34.5bn bank debt, says no outstanding liability

Ini Billie, Uyo

The Akwa Ibom State Government says it is no longer indebted to any commercial bank after clearing a backlog of N34.533 billion; part of the N79.496 billion debt inherited by the administration of Governor Umo Eno.

Commissioner for Finance, Mr Emem Bob, disclosed this on Wednesday in Uyo during a briefing on the financial status of the state. He was joined by the Commissioner for Information, Dr Aniekan Umanah, and the Chairman of the Internal Revenue Service, Sir Okon Okon.

Bob stated that the present administration has not contracted any new bank loans to fund ongoing projects across the state.

“As of May 29, 2023, when the administration took office, it inherited a commercial bank debt of N34.533 billion, being the outstanding portion of a previously contracted N79.496 billion loan.

The current administration neither acquired these loans nor took new ones but assumed responsibility for the balance to safeguard the state’s credit standing,” he said.

He noted that after reviews and negotiations, the government fully cleared the debt in November 2025, paying N39.831 billion—comprising the N34.533 billion principal and N5.298 billion in interest and penalties.

On the Ibom Power Company loan from Afreximbank, Bob said the liability predates the current administration. He explained that of the outstanding $7.8 million, the government has so far repaid N3.5 billion to protect the state’s investment and prevent receivership.

The Commissioner highlighted ongoing revenue reforms, including the Akwa Ibom State Geographic Information System (AKWAGIS) for land digitisation and e-C of O processing, and the AKWAREMIT digital revenue platform designed to ensure full implementation of the Treasury Single Account (TSA).

He said these reforms aim to expand the state’s revenue base, block leakages, and enhance transparency.

Bob also revealed that the government paid N76.3 billion in November 2025 to clear arrears—up to March 2021—of the N110 billion backlog of gratuities inherited since 2012.

He described the financial developments as key steps toward boosting investor confidence, strengthening fiscal stability, and supporting Governor Umo Eno’s ARISE Agenda.

“These achievements are a testament to the governor’s commitment to accountability, discipline, and responsible governance,” he said.

Commissioner for Information, Dr Aniekan Umanah, added that the repayment of inherited debt would improve service delivery by freeing up funds for priority projects under the ARISE Agenda.