Uyo, 2 March 2026
The Akwa Ibom State Government says it has cleared all inherited commercial bank debts totalling N39.831 billion, including principal and interest, as part of a broad overhaul of the state’s financial management system.
The Commissioner for Finance, Mr Emem Almond Bob, disclosed this during a media briefing in Uyo, where he outlined measures taken to stabilise public finances and strengthen fiscal transparency.
He said the administration also reduced the gratuity backlog owed to retired state workers from N110 billion inherited to N80 billion as at December 2025.
According to him, the government grew its investment portfolio from N6 billion to N10 billion and recorded returns of N260.646 million as at June 2025.
The commissioner stated that the state now prepares, presents and publishes annual financial statements in line with internationally accepted standards on fiscal transparency. He added that monthly salaries and pensions are paid promptly.
He noted that annual Public Financial Management assessments have been conducted, leading to staff and pensioner verification exercises and the implementation of a Treasury Single Account system. Over 3,000 ghost workers were identified during the verification process, creating room for fresh employment.
On procurement, the government carried out audits across ministries, departments and agencies to ensure value for money and trained personnel on sustainable procurement procedures.
The state also publishes annual Debt Sustainability Analysis reports and quarterly debt profiles to meet donor partnership eligibility criteria.
In external funding, the commissioner said the state secured a 3.585 million dollar drawdown under the State Action for Business Enabling Reform programme and 500,000 euros under the NEWMAP initiative for erosion and flood control projects.
He further disclosed that N321.8 million was disbursed as staff housing loans to 212 civil servants. The state has also repaid 3.174 billion dollars out of 7.805 million dollars owed under the Afrexim credit facility to Ibom Power, with repayments continuing on a quarterly basis.
The government, he said, maintains over 85 percent budget performance by executing only approved programmes and has strengthened citizen participation in the 2025 and 2026 budgets, which he described as largely driven by projects nominated by residents.
Full implementation of the Treasury Single Account ensures that all internally generated revenue from ministries and institutions is channelled through the AkwaRemit platform into the state’s consolidated account.
The commissioner said the reforms have repositioned the state’s financial system to support the administration’s ARISE Agenda and other development priorities.
