Why I offset my predecessor’s N39.831Billion bank loan, may not venture into borrowing – Gov Eno

Akwa Ibom State governor, Pastor Umo Eno, said he decided toliquidate the debt of N39.831 billion left by his predecessor, Mr UdomEmmanuel, to exonerate the state from the burden of debt service and improveAkwa Ibom’s standing with lenders. He revealed that his administration was not ready to takeany credit facility from commercial banks anytime soon. Speaking at a press conference in Uyo on Tuesday, theCommissioner for Finance, Hon. Emem Almond Bob, noted that such a gesture wouldimprove service delivery, as more funds can now be allocated to ARISE Agendaprojects without the burden of debt service. He said out of the N39.831 billion debt paid, the principalwas N34.533 billion while the interest stood at N5.298 billion. He said, “We could all recall that as at May 29, 2023, whenthis administration began its term, the new administration inherited acommercial-bank debt of N34.533 billion from the previous administration, as aresult of the outstanding balance of N79.496 billion contracted by thatadministration, which full repayment was pending. “After a thorough review and negotiations, thisadministration of His Excellency, Pastor Umo Bassey Eno, has fully cleared thedebt as of November 2025. The total amount paid was N39.831 billion. Theinterest reflects the cost of borrowing over the two-year period and theaccrued penalties that were settled in full.” He said besides the commercial bank debt settlement, out ofthe N110 billion backlog of gratuities also inherited, dating back to 2012, thepresent administration has, within its time in office, paid N76.3 billion,clearing in the process backlogs up to March 2021. He said this was possibledue to financial discipline and management by the present government withoutdisrupting essential services or ongoing development projects. The Commissioner, however, reiterated the governor’s resolvenot to take loans from commercial banks, stating that he would instead focus onseeking reforms to enhance the state’s Internally Generated Revenue (IGR). He listed possible revenue sources to include: “Keyinitiatives include the Akwa Ibom State Geographic Information System(AKWAGIS), which will be utilized to improve electronic Certificate ofOccupancy (e-C of O) processes and land digitization, promoting greatertransparency and efficiency, as well as the new Digital Electronic IGR Platform(AKWAREMIT) to enhance full operationalization of the Treasury Single Account(TSA). These efforts are anticipated to lead to the expansion of the revenuebase, closure of financial leakages, and improvement in IGR.”

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