By Ogenyi Ogenyi, Uyo
Akwa Ibom State government has said it offset the N39.831 billion commercial bank debts it inherited from the previous administrations.
State Commissioner for Finance, Mr Emem Bob who did not indicate the administration that acquired the loan said the N39.731 billion debt included both principal and the interest accrued over the years.
While noting that Governor Umo Eno was not averse to borrowing and has not borrowed any money since the inception of his administration Bob attributed the repayment to fiscal discipline and prudent management of financial resources.
He disclosed that only programmes budgeted for are being implemented hence the over 85% budget performance status of the State.
“The present administration has ensured the complete clearance of all inherited Commercial Bank Debts with N39.831billion(principal/interests inclusive).
“Deliberately reduced the gratuity backlog of retired state staff to the tune of N80.0 billion as at December, 2025 out of N110.0billion inherited.
“Repayment of the outstanding Afrexim Credit to Ibom Power to a tune of US$3,174,539,000 out of US$7,805,906.21owed as the repayment is on-going on quarterly bases.” The commissioner explained.
Earlier, the commissioner for Information, Mr Aniekan Umanah said the institutional and financial governance in the State have been strengthened through the approval and implementation of the Treasury Single Account.
“The approval and implementation of TSA have consolidated State revenue collection, enhanced transparency, blocked leakages and improved fiscal discipline.” He said.
