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AKWA IBOM PAYS N39.8BN INHERITED DEBT, SAVES OVER N10BN THROUGH PAYROLL REFORMS
AKWA IBOM PAYS N39.8BN INHERITED DEBT, SAVES OVER N10BN THROUGH PAYROLL REFORMS
The Akwa Ibom State Government has announced that it has paid off ₦39.831 billion in commercial bank loans inherited from previous administrations. It also said that its payroll reforms have helped the state save more than ₦10 billion yearly.
The government added that plans were underway to clear the remaining debt of about ₦11 billion.
The Commissioner for Finance, Mr Emem Bob, disclosed this on Tuesday during a ministerial briefing. He said the state had generated ₦9.7 billion through the State Action on Business Enabling Reforms (SEBA) programme.
He also revealed that the investment portfolio of the Ministry of Finance Incorporated had grown from ₦6 billion to ₦11.193 billion, with yearly returns estimated at between ₦470 million and ₦500 million.
Bob further stated that the state had provided ₦386 million in loans to 429 civil servants. He added that ₦16 billion had been invested in Anchor Insurance to strengthen the state-owned company.
Also speaking, the Managing Director of Akwa Ibom Investment Corporation (AKICORP), Pastor ImoAbasi Jacob, said the corporation’s marketable securities had increased from ₦17 billion in 2025 to ₦47.2 billion.
He added that the corporation had collected about ₦500 million in dividends within the current year. According to him, Champion Breweries and Tropicana were among the companies that had started paying dividends.
In his remarks, the Commissioner for Science and Digital Economy, Dr Frank Ekpenyong, said the payroll verification exercise had uncovered irregularities and helped the government create a more reliable workers’ database.
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He explained that the exercise had contributed to annual savings of more than ₦10 billion.
Ekpenyong said civil servants could now check their salary details, view deductions and confirm their records through a digital platform.
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He added that payroll officers could now submit salary changes and other related information electronically instead of using the former paper-based system.
The commissioner also disclosed that the state’s digital ticketing platform had generated ₦44.9 million from the sale of 201,889 tickets as of the day before the briefing.
He said the internet service at Victor Attah International Airport had recorded 8,011 users and 5.8 terabytes of data usage since it was introduced in August.
In the education sector, the government said 23,535 students from 131 institutions had received its ₦50,000 bursary. The beneficiaries came from all 31 local government areas of the state.
The government also provided special financial support for students living with disabilities. Undergraduates received ₦250,000 each, while postgraduate students received ₦300,000 each.
The presentations, coordinated by the Commissioner for Information, Dr Aniekan Umanah, highlighted the Eno administration’s efforts to settle inherited debts, improve revenue generation, strengthen investments and make government services more efficient through technology.
By Lovina Emole
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