Akwa Ibom Settles ₦39.8bn Debt, Unveils Plans to Strengthen IGR
Akwa Ibom State Governor, Umo Eno, has fully settled outstanding loans amounting to ₦39.831 billion inherited from the previous administration of 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.
Bob explained that the ₦39.831 billion payment consisted of a principal of ₦34.533 billion and an accumulated interest of ₦5.298 billion.
He noted that when Governor Eno took office on May 29, 2023, the state owed ₦34.533 billion in commercial bank loans—part of an earlier ₦79.496 billion facility that had not been fully repaid. After negotiations and financial review, the loan was completely cleared as of November 2025.
The commissioner added that the interest represented borrowing costs and penalties accrued over the past two years.
Beyond loan repayment, Bob revealed that the administration has also tackled the backlog of gratuities inherited from 2012. Out of ₦110 billion outstanding, the government has paid ₦76.3 billion, settling arrears up to March 2021. He attributed this achievement to disciplined financial management that did not disrupt essential services or ongoing developmental projects.
Bob reaffirmed Governor Eno’s commitment to avoiding commercial bank borrowing, saying the administration is instead prioritizing reforms to boost Internally Generated Revenue (IGR).
Key initiatives include the Akwa Ibom State Geographic Information System (AKWAGIS), which will digitize land records and streamline the electronic Certificate of Occupancy (e-C of O) process, and the new Digital Electronic IGR Platform (AKWAREMIT), designed to fully implement the Treasury Single Account (TSA).
According to him, these reforms are expected to widen the revenue base, block leakages, and significantly improve the state’s IGR performance.
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