The Akwa Ibom State Government has reached a significant turning point in its financial recovery, announcing the total liquidation of ₦39.831 billion in inherited commercial bank debts.
During a comprehensive fiscal briefing in Uyo on Monday, March 2, 2026, the Commissioner for Finance, Mr. Emem Almond Bob, revealed that the state has successfully cleared both the principal and interest on these liabilities as part of a aggressive structural overhaul of the state’s public finance management.
A central pillar of this fiscal reset is the substantial dent made in the state’s pension liabilities.
The administration has successfully reduced the gratuity backlog for retired civil servants from a staggering ₦110 billion to ₦80 billion as of December 2025.
This move coincides with a robust expansion of the state’s investment portfolio, which grew from ₦6 billion to ₦10 billion, yielding returns of ₦260.646 million by mid-2025.
Mr. Bob emphasized that these gains are underpinned by a new era of transparency, with the state now adhering to international standards for the publication of annual financial statements and debt sustainability reports.
The internal sanitization of the civil service has also yielded high-impact results. Through rigorous staff and pensioner verification exercises, the government identified and removed over 3,000 ghost workers from the payroll, effectively creating the fiscal space necessary for fresh employment opportunities.
This efficiency drive is supported by the mandatory implementation of a Treasury Single Account (TSA) system. Under this framework, all internally generated revenue (IGR) from various ministries and institutions is now funneled through the AkwaRemit platform directly into the state’s consolidated account, eliminating leakages and ensuring that over 85% of the budget is executed strictly on approved programs.
Beyond local reforms, Akwa Ibom is successfully leveraging international partnerships to fund its development.
The Commissioner disclosed a $3.585 million drawdown from the State Action for Business Enabling Reform (SABER) program and an additional 500,000 euros via the NEWMAP initiative for critical erosion and flood control.
The state is also diligently servicing its international credit obligations, having repaid $3.174 million of the $7.805 million Afrexim facility owed by Ibom Power. By prioritizing project-driven budgets and citizen participation, the administration aims to ensure that this newfound fiscal stability directly fuels the milestones of the ARISE Agenda.
