Akwa Ibom State governor, Pastor Umo Eno said he has cleared the outstanding loan of N39.831 Billion inherited from his predecessor, Mr. Udom Emmanuel.
He noted that his administration was not ready to get any credit facility from commercial bank anytime soon
The Commissioner for Finance, Hon Emem Almond Bob, who disclosed this in a press briefing in Uyo on Tuesday said out of the N39.831 billion paid, the Principal was N34.533 billion while the interest stood at N5,298 billion.
He said, “We could all recall that as at 29th May, 2023 when this Administration, began its term, the new Administration inherited a commercial-bank debt of 34.533 billion from the previous administration as a result of the out-standing balance of N79.496 billion contracted by that administration which full repayment was pending.
“After a thorough review and negotiations, this Administration of His Excellency, Pastor Umoh Bassey Eno, have fully cleared the debt as at last month of November, 2025. The total amount paid was N39.831billion. The interest reflects the cost of borrowing over the two-year period and the accrued penalties that were settled in full.”
He said beside the Commercial Banks debt settlement, out of the N 110billion backlog of gratuities also inherited dating back to 2012, the present Administration has within the time in office paid #76.3billion clearing in the process backlogs to March, 2021 saying that this was possible due to financial discipline and management by the present government without disrupting essential services or ongoing development projects.
The Commissioner, however, reiterated the governor’s resolve not to get loan from commercial banks rather he would focus on seeking reforms to enhance the State’s Internally Generated Revenue.
He added, “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 digitisation, promoting greater transparency and efficiency, as well as the new Digital Electronic IGR Platform (AKWAREMIT) to enhance full operationalization of Treasury Single Account (TSA). These efforts are anticipated to lead to expansion of the revenue base, closure of financial leakages, and improvement in IGR.”
