The Akwa Ibom State Government has cleared inherited commercial bank debts amounting to N39.831 billion, covering both principal and interest, as part of efforts to reform its financial management system.
The Commissioner for Finance, Mr Emem Bob, who made this known during a media briefing in Uyo, the state capital, said the government also reduced the gratuity backlog owed to retired state workers from N110 billion inherited to N80 billion as of December 2025.
According to him, the state “Increased its investment portfolio from N6 billion to N10 billion, recording returns of N260.646 million as of June 2025,” adding that the state now prepares, presents and publishes its annual financial statements in line with internationally accepted standards on fiscal transparency.
“Monthly salaries and pensions are paid promptly,” the Commissioner stated.
He said annual Public Financial Management assessments have been conducted, alongside staff and pensioner verification exercises and the implementation of a Treasury Single Account system. The verification process identified over 3,000 ghost workers, creating room for fresh employment.
On procurement, the Commissioner said “audits were carried out across ministries, departments and agencies to ensure value for money, while personnel were trained on sustainable procurement procedures.”
He further noted that the state publishes annual Debt Sustainability Analysis reports and quarterly debt profiles to meet donor partnership eligibility criteria.
On external funding, the Exchequer disclosed that 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 added that N321.8 million was disbursed as staff housing loans to 212 civil servants.
The Commissioner also said the state had repaid 3.174 billion dollars out of 7.805 million dollars owed under the Afrexim credit facility to Ibom Power, with repayments continuing quarterly.
According to him, the government maintains over 85 per cent 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.
He explained that 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.
Mr Bob said the reforms have repositioned the state’s financial system to support the administration’s ARISE Agenda and other development priorities.
Observers have commended this development as aligned with broader efforts to strengthen transparency and accountability in public finance management, noting that the measures support sub-national fiscal discipline and sustainable development objectives under the Renewed Hope Agenda.