Akwa Ibom Clears ₦39.8bn Inherited Loans, Grows Investment Portfolio to ₦47.2bn
The Akwa Ibom State Government has repaid ₦39.831 billion in inherited commercial bank loans, increased its marketable securities portfolio to ₦47.2 billion and achieved estimated annual savings of over ₦10 billion through payroll reforms.
The achievements were disclosed during the ongoing ministerial media briefing in Uyo, where commissioners and heads of government agencies presented their respective performance reports on the administration of Governor Umo Eno.
The presentations highlighted the government’s efforts to strengthen public finances, improve revenue generation, expand investments, support education and deploy digital technology in public service delivery.
Presenting the Ministry of Finance’s scorecard, the Commissioner, Mr Emem Bob, said the state had fully settled ₦39.831 billion in inherited commercial bank loans.
He also disclosed that the government had paid ₦111 billion in outstanding gratuity arrears, leaving approximately ₦11 billion unpaid. According to him, Governor Eno has promised to clear the remaining liability.
Bob further revealed that Akwa Ibom generated ₦9.7 billion through the State Action on Business Enabling Reforms (SEBA) programme.
He explained that the investment portfolio of the Ministry of Finance Incorporated had increased from ₦6 billion to ₦11.193 billion, with annual returns estimated between ₦470 million and ₦500 million.
The commissioner added that the state had extended ₦386 million in loans to 429 civil servants and invested ₦16 billion in Anchor Insurance to strengthen the state-owned company.
Budget Records 84.4% Implementation
On budget performance, the Commissioner for Budget and Economic Planning reported that the 2025 budget achieved 84.4 per cent implementation based on actual revenue, while the 2026 budget recorded 64.6 per cent performance between January and September.
The commissioner also highlighted achievements under the Nigeria COVID-19 Action Recovery and Economic Stimulus programme (AK-CARES).
The interventions included ₦10,000 cash transfers to 16,950 residents, rehabilitation of 76 rural roads and the execution of 118 microprojects, which reportedly benefited 153,288 residents.
Investment Portfolio Rises to ₦47.2bn
Meanwhile, the Akwa Ibom Investment Corporation (AKICORP) reported significant growth in the state’s investment portfolio, with marketable securities increasing from ₦17 billion in 2025 to ₦47.2 billion.
The corporation also disclosed that dividend collections had risen to approximately ₦500 million within the current year, identifying Champion Breweries and Tropicana among businesses that had commenced dividend payments.
Managing Director of AKICORP, Pastor ImoAbasi Jacob, said the corporation was working to reposition government-owned enterprises and attract private-sector investments into the state.
He disclosed that a new investor had proposed an investment exceeding $122 million to revive the St Gabriel’s Coconut Factory and reposition it for large-scale production.
Jacob also highlighted investment opportunities arising from the state’s gas and industrial development plans, including the Ibom LNG and Logistics Hub, in which Akwa Ibom holds a five per cent equity stake, as well as the proposed ammonia fertiliser plant at Ikot Abasi.
Payroll Reforms Save Over ₦10bn Annually
In the area of digital governance, the Ministry of Science and Digital Economy disclosed that payroll verification exercises had uncovered irregularities and helped establish a more reliable database, resulting in estimated annual savings of over ₦10 billion.
The Commissioner, Dr Frank Ekpenyong, said civil servants could now access their payroll information, check deductions and complete verification through a digital platform.
He explained that payroll officers had also been trained and equipped to submit salary-related variations electronically, replacing the previous paper-based process.
The commissioner further disclosed that the state’s digital ticketing platform had generated ₦44.9 million from 201,889 tickets sold as of the close of business on the day preceding the presentation.
He added that internet services at Victor Attah International Airport had recorded 8,011 unique users and 5.8 terabytes of data consumption since activation in August.
23,535 Students Benefit from State Bursary
In the education sector, the ministry reported that 23,535 students across 131 institutions had benefited from the state’s ₦50,000 bursary scheme.
The beneficiaries were drawn from all 31 local government areas of the state.
The presentation also highlighted special financial assistance for students living with disabilities, with undergraduates receiving ₦250,000 and postgraduate students benefiting from ₦300,000.
Command Centre Equipped with 250 Cameras
The state’s digital infrastructure development also featured the Command and Control Centre, equipped with 250 surveillance cameras.
The facility comprises 50 number-plate recognition cameras and 200 standard surveillance cameras designed to operate round the clock under the management of the Ministry of Internal Security.
The facility is expected to strengthen security monitoring, surveillance and coordinated responses to security incidents across the state.
The ministerial presentations, coordinated by the Commissioner for Information, Dr Aniekan Umanah, provided an overview of the Eno administration’s performance in financial management, investment promotion, digital transformation, education and infrastructure development.
The reported achievements reflect the government’s efforts to address inherited financial obligations, strengthen the state’s investment capacity, improve accountability and expand economic opportunities through technology-driven governance and private-sector participation.
