Pastor Umo Eno, the governor of Akwa Ibom State, stated that in order to relieve the state of the burden of debt service and enhance Akwa Ibom’s reputation with lenders, he made the decision to liquidate the N39.831 billion debt left by his predecessor, Mr. Udom Emmanuel.
He revealed that his administration was not ready to obtain any credit facility from commercial banks anytime soon.
The Commissioner for Finance, Hon. Emem Almond Bob, stated at a news conference in Uyo on Tuesday that this kind of action would enhance service delivery since more money could now be given to ARISE Agenda projects without having to pay off debt.
According to him, the principal of the N39.831 billion debt paid was N34.533 billion, and the interest was N5.298 billion.
“We could all recall that as of May 29, 2023, when this administration began its term, the new administration inherited a commercial-bank debt of N34.533 billion from the previous administration, as a result of the outstanding balance of N79.496 billion contracted by that administration, which full repayment was pending,” he stated.
“After a thorough review and negotiations, this administration of His Excellency, Pastor Umo Bassey Eno, has fully cleared the debt as of November 2025. The entire sum paid was N39.831 billion. The interest reflects the cost of borrowing throughout the two-year term and the accruing penalties that were settled in full.”
He said besides the commercial bank debt settlement, out of the N110 billion backlog of gratuities also inherited, dating back to 2012, the present administration has, within its term in office, paid N76.3 billion, clearing in the process backlogs up to March 2021. He said this was feasible thanks to budgetary discipline and management by the existing government without affecting key services or ongoing development projects.
The Commissioner, however, underlined the governor’s decision not to borrow loans from commercial banks, noting that he would instead focus on seeking changes to boost the state’s Internally Generated Revenue (IGR).
He listed possible revenue sources to include: “Key initiatives include the Akwa Ibom State Geographic Information System (AKWAGIS), which will be utilized to improve electronic Certificate of Occupancy (e-C of O) processes and land digitization, promoting greater transparency and efficiency, as well as the new Digital Electronic IGR Platform (AKWAREMIT) to enhance full operationalization of the Treasury Single Account (TSA). These initiatives are predicted to lead to the development of the revenue base, closure of financial leakages, and improvement in IGR.”
