AfriPulse
Akwa Ibom State says it has cleared all the outstanding loans totalling N39.831 billion inherited from his predecessor, Ex-Governor Udom Emmanuel.
Emem Bob, Commissioner for Finance and Coordinating Commissioner, Ministry of Special Duties, stated this in Uyo, the State Capital, during a media interaction.
He said out of the N39.831 billion paid, the principal was N34.533bn, while the interest stood at N5.298 bn
Read also: States’ foreign debt declines by over $200m, Lagos accounts for over 25% of remaining debt
“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 N34.533 billion from the previous administration as a result of the outstanding balance of N79.496 billion contracted by that administration, for which full repayment was pending.“
“After a thorough review and negotiations, this administration of Governor Umo Eno has fully cleared the debt as of last month of November, 2025
“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,” he said.
Bob said besides the commercial banks debt settlement, out of the N110 110 billion backlog of gratuities also inherited dating back to 2012, the present administration has, within the time in office, paid N76.3 billion 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.
Read also: Oil-producing states cut debt by N611bn after N1.67tn derivation windfall
The commissioner, however, reiterated the governor’s resolve not to obtain any loan facility from commercial banks and would rather focus on seeking reforms to enhance the State’s Internally Generated Revenue.
“Key initiatives include the Akwa Ibom State Geographic Information System (AKWAGIS), which will be utilised 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 operationalisation 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,” he added.
Source: Businessday.ng | Read the Full Story…
