The Akwa Ibom State Government says it has repaid N39.831bn in inherited commercial bank loans as part of efforts to strengthen the state’s finances and reduce its debt burden.
The government also disclosed that it had paid N111bn in gratuity arrears, leaving an outstanding balance of about N11bn, which Governor Umo Eno has promised to clear.
The Commissioner for Finance, Emem Bob, disclosed this on Tuesday during the ongoing ministerial media briefing in Uyo, where commissioners and heads of government agencies presented their performance reports under the Eno administration.
Bob further revealed that the state had generated N9.7bn through the State Action on Business Enabling Reforms programme, while the Ministry of Finance Incorporated had grown its investment portfolio from N6bn to N11.193bn.
According to him, the investment portfolio generates annual returns estimated at between N470m and N500m.
He added that the government had provided N386m in loans to 429 civil servants and invested N16bn in Anchor Insurance to strengthen the state-owned company.
Also speaking at the briefing, the Managing Director of the Akwa Ibom Investment Corporation, ImoAbasi Jacob, said the state’s marketable securities portfolio had increased from N17bn in 2025 to N47.2bn.
He said dividend collections had also risen to approximately N500m within the current year, with Champion Breweries and Tropicana among the enterprises that had started paying dividends.
Beyond its existing investments, Jacob disclosed that a new investor had proposed an investment of more than $122m to revive the St Gabriel’s Coconut Factory and reposition it for large-scale production.
Meanwhile, the Commissioner for Science and Digital Economy, Frank Ekpenyong, said payroll verification reforms had uncovered irregularities in the state’s workforce database, resulting in estimated annual savings of more than N10bn.
He explained that the digital platform introduced by the government now enabled civil servants to access their payroll information, check deductions and complete verification electronically.
The briefing also highlighted the state’s bursary programme, under which 23,535 students in 131 institutions had received N50,000 each.
The presentations formed part of the state government’s efforts to account for its financial management, investment activities and reforms aimed at improving public service delivery.