Governor Umo Eno of Akwa Ibom announced that the state has cleared N39.831 billion in outstanding loans inherited from the immediate past administration of Udom Emmanuel.
This debt, consisting of a N34.533 billion principal and N5.298 billion in interest, was fully settled in November 2025.
“After a thorough review and negotiations, this administration of His Excellency, Umo Eno, has fully cleared the debt as of last month of November, 2025,” said Emem Bob, Commissioner for Finance and Coordinating Commissioner of Special Duties.
“The total amount paid was N39.831 billion. The interest reflects the cost of borrowing over the two-year period and the accrued penalties that were settled in full.”
The government has also made significant progress in clearing a backlog of gratuities dating back to 2012, paying N76.3 billion out of N110 billion.
This achievement is attributed to financial discipline and effective management by the current administration.
Eno reiterated his commitment to avoiding commercial bank loans, instead focusing on reforms to boost the state’s internally generated revenue (IGR).
Key initiatives include the Akwa Ibom State Geographic Information System (AKWAGIS) and the Digital Electronic IGR Platform (AKWAREMIT), aimed at enhancing transparency and efficiency.
Leave a comment