By Abasi Ita
Akwa Ibom State governor, Pastor Umo Eno, has restated his administration’s resolve not to obtain loans from commercial banks, explaining that the recent repayment of the N39.831 billion debt inherited from the previous government was aimed at freeing the state from mounting debt obligations.
Speaking in Uyo, the Commissioner for Finance, Hon. Emem Almond Bob, said the state opted to clear the outstanding liability left by former governor Udom Emmanuel in order to improve Akwa Ibom’s financial standing and ensure that more funds are available for priority development projects under the ARISE Agenda.
He disclosed that of the N39.831 billion paid, N34.533 billion represented the principal while N5.298 billion accounted for accumulated interest and penalties.
“As at May 29, 2023, this administration inherited a commercial bank loan of N34.533 billion from the previous government. This amount was the outstanding portion of a N79.496 billion loan that had not been fully repaid,” Bob explained.
“After a thorough review and negotiation process, the administration of His Excellency, Pastor Umo Bassey Eno, cleared the entire debt by November 2025. This settlement covered the principal as well as the interest that accrued over two years.”
Bob also highlighted the government’s progress on settling long standing gratuity arrears. Out of the N110 billion backlog dating back to 2012, the Eno administration has paid N76.3 billion, successfully clearing obligations up to March 2021. He attributed this achievement to strict fiscal discipline and prudent resource management.
He emphasised that Governor Eno remains committed to a no borrowing policy, noting that the state will instead focus on strengthening its revenue generating capacity.
Key initiatives to expand the revenue base include the Akwa Ibom State Geographic Information System, aimed at improving electronic Certificate of Occupancy processes and land digitization, as well as AKWAREMIT, the state’s new Digital Electronic Internally Generated Revenue platform designed to enhance the full operation of the Treasury Single Account.
“These reforms will strengthen transparency, block financial leakages and improve Internally Generated Revenue across the state,” the Commissioner said.