NEWS
Akwa Ibom Clears ₦39.8bn Inherited Debt, Cuts Gratuity Arrears to ₦11bn
Akwa Ibom Clears ₦39.8bn Inherited Debt, Cuts Gratuity Arrears to ₦11bn
Government clears ₦39.8bn in inherited commercial bank debts.
Gratuity backlog drops from ₦111bn to ₦11bn.
Investment portfolio rises to ₦11.19bn, generating ₦470.25m returns.
State secures $9.785m World Bank performance-based funding.
₦386.6m housing loans disbursed to 429 civil servants.
November 10, () – The Akwa Ibom State Government has cleared ₦39.8 billion in inherited commercial bank debts and reduced its gratuity obligations to retirees from ₦111 billion to ₦11 billion.
The Commissioner for Finance, Mr Emem Almond Bob, disclosed this on Tuesday during a press briefing at Government House, Uyo, describing the debt clearance as part of efforts to reduce inherited liabilities and strengthen the state’s financial position.
He said the gratuity backlog would be cleared as the government works towards ensuring that retirees receive their entitlements as they leave service from the second term of the Umo Eno administration.
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Bob also disclosed that the state’s investment portfolio under the custody of the Ministry of Finance Incorporated had increased from ₦6 billion to ₦11.193 billion, generating approximately ₦470.258 million in returns as of September 2026.
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He added that the government had acquired additional shares worth ₦150 million in Dangote Refinery through a private offer.
On the state’s financial obligations, the commissioner said the outstanding $7.8 million African Export-Import Bank (Afreximbank) credit facility to Ibom Power Company Limited had been reduced to $3.005 million as of September 2026.
He further disclosed that the government had disbursed ₦386.6 million in housing loans to 429 civil servants, with another ₦101.448 million earmarked for 63 qualified beneficiaries.
On revenue generation, Bob said the state fully implemented the Treasury Single Account (TSA) for internally generated revenue on January 1, 2026, to improve revenue monitoring, eliminate leakages, and strengthen electronic collections through AkwaRemit.
He stressed that the reform was not intended to impose arbitrary financial burdens on residents and businesses but to ensure transparent and efficient revenue collection.
The commissioner also announced that Akwa Ibom had secured $9.785 million in World Bank performance-based funding under the State Action on Business Enabling Reforms (SABER) programme, following the implementation of its Business Enabling Reforms Action Plan.
He said the state government had sustained prompt payment of salaries and pensions, while payment of the 2026 leave grant commenced with the September salary.
Bob added that the government had amended its Public Procurement Law to strengthen the State Procurement Regulatory Agency and revised the Fiscal Responsibility Law to align with prevailing realities.
On financial accountability, he said the ministry had continued to publish audited financial statements, Citizens Accountability Reports, debt sustainability analyses and quarterly debt profiles to promote transparency in public expenditure.
He reaffirmed the ministry’s commitment to prudent management of public resources, accountability and value for money, noting that its responsibility was to ensure sustainable financing for the administration’s development programmes.
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