Umo Eno clears loan backlog in Akwa Ibom, settling N39.831bn debt and advancing reforms to boost state revenue
UYO, Nigeria, 3 December 2025: Akwa Ibom State Governor Umo Eno has cleared all outstanding commercial bank loans totalling thirty-nine billion eight hundred and thirty-one million naira inherited from his predecessor, former governor Udom Emmanuel.
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The disclosure was made on Tuesday by Commissioner for Finance and Coordinating Commissioner of Special Duties, Emem Bob, during a press conference in Uyo, confirming that the repayment marks a decisive fiscal achievement under the current administration.
Bob said the inherited liability comprised a principal of thirty-four billion five hundred and thirty-three million naira and an interest component of five billion two hundred and ninety-eight million naira.
He explained that the debt stemmed from an unresolved balance of seventy-nine billion four hundred and ninety-six million naira contracted during the previous administration.
He stated that Governor Eno settled the full amount in November 2025 following detailed reviews and negotiations. Bob described the interest component as reflecting borrowing costs accrued over two years, including penalties that were resolved in full.
The commissioner added that the administration had also made significant progress on gratuity payments. Out of a backlog of one hundred and ten billion naira dating to 2012, he said seventy-six billion three hundred million naira had been paid, clearing entitlements up to March 2021.
Bob attributed the progress to disciplined financial management, noting that critical services and ongoing development projects had continued without disruption.
He reaffirmed Governor Eno’s commitment to avoiding new commercial bank loans, instead prioritising reforms aimed at strengthening the state’s internally generated revenue.
He cited initiatives such as the Akwa Ibom State Geographic Information System, designed to support electronic Certificates of Occupancy and digitised land administration, as well as the Digital Electronic IGR Platform known as AKWAREMIT to enhance the Treasury Single Account.
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According to Bob, these reforms are expected to expand the revenue base, block leakages and deliver greater efficiency.
