Akwa Ibom State governor, Umo Eno, has fully settled all outstanding loans amounting to N39.831 billion, which his administration inherited from former governor Udom Emmanuel.
The disclosure was made on Tuesday in Uyo by the Commissioner for Finance and Coordinating Commissioner for Special Duties, Emem Bob, during a press briefing.
According to him, the total repayment comprised a principal sum of N34.533 billion and an interest component of N5.298 billion.
He recalled that as of May 29, 2023, when the current administration assumed office, it took over a commercial bank loan of N34.533 billion—part of an original N79.496 billion facility secured by the previous government, which had not yet been fully redeemed.
Bob noted that after comprehensive reviews and negotiations, Governor Umo Eno’s administration completed the repayment in November 2025.
“The total amount paid was N39.831 billion. The interest represented the cost of borrowing over the two years, including accrued penalties that have now been fully settled,” he explained.
He further revealed that apart from the commercial loan repayment, the government has also paid N76.3 billion out of the N110 billion gratuity arrears inherited from 2012, clearing the backlog up to March 2021. He attributed this achievement to prudent financial management that did not disrupt essential services or ongoing development projects.
The commissioner reaffirmed the governor’s commitment to avoiding commercial bank loans, emphasizing a shift toward reforms aimed at boosting the state’s Internally Generated Revenue (IGR).
He highlighted major initiatives such as the Akwa Ibom State Geographic Information System (AKWAGIS) for electronic Certificates of Occupancy and land digitisation, as well as the new Digital Electronic IGR Platform (AKWAREMIT) to support full implementation of the Treasury Single Account (TSA).
“These reforms are expected to widen the state’s revenue base, eliminate financial leakages, and significantly boost IGR,” Bob added.
