Akwa Ibom State Governor, Umo Eno, has declared that his administration has cleared ₦39.831 billion in inherited commercial bank debt, ruling out routine borrowing as a means of financing the state’s activities.
Eno made the declaration at the ninth Ibom Ignite Conference in Uyo, saying, “Tell them not to put Akwa Ibom into debt; I have cleared all debts.”
The repayment, completed in November 2025, covered ₦34.533 billion in principal and ₦5.298 billion in interest and associated charges, according to the state Commissioner for Finance.
The debt arose from a ₦79.496 billion commercial bank facility contracted by the previous administration, part of which had been repaid before Eno assumed office in May 2023.
By settling the outstanding ₦39.831 billion, the Eno administration cleared the remaining obligation on the inherited commercial bank facility, removing the associated repayment burden from the state’s finances.
The governor’s declaration underscores his administration’s stated position on borrowing and the management of public funds, particularly the need to avoid allowing debt servicing to compete with expenditure on infrastructure and essential public services.
However, the clearance of the inherited bank facility does not automatically mean that all categories of state liabilities have been eliminated. The government continues to address other inherited obligations, including gratuity arrears and emoluments owed to retired public servants.
In his September 2026 state broadcast, Eno reported that more than ₦98 billion had been paid towards approximately ₦111 billion in inherited gratuities and other emoluments.
The repayment of the bank facility and the payments to retirees represent separate components of the state’s financial obligations, with the latter still requiring attention until the outstanding balance is fully settled.
The administration has also pointed to measures aimed at improving internally generated revenue and strengthening financial management, including the use of digital platforms such as AKWAREMIT.
For the state, the central challenge is sustaining the debt position while meeting recurrent expenditure, settling outstanding obligations and funding development projects without placing excessive pressure on public finances.
Eno’s declaration at the conference, themed “Reinvent: Rethink, Reimagine, Redesign, Become”, therefore places the completed loan repayment at the centre of his administration’s stated commitment to fiscal discipline.
While the ₦39.831 billion settlement marks the clearance of the inherited commercial bank facility, the extent to which the government can sustain its position against routine borrowing will depend on revenue growth, spending discipline and its ability to finance future commitments.
