Akwa Ibom State Declares Itself Bank Debt Free

Akwa Ibom State has declared itself free from bank debts totaling ₦39.831 billion, which includes both principal and interest. This announcement was made by the state’s Commissioner for Finance, Emem Almond Bob, during a press conference in Uyo.

The previous administration under Godswill Akpabio left a backlog of debts amounting to ₦110 billion, with ₦80 billion due by December 2025. Governor Umo Eno's administration has reportedly grown its investment portfolio from ₦6 billion to ₦10 billion, achieving a record return of ₦260.646 million by the end of June 2025.

The state has exited foreign obligations and aims to maintain fiscal transparency. Ngozi Okonjo-Iweala, the Minister of Finance, has previously criticized the state for its high debt levels, emphasizing the need for prudent resource management.

The current administration is focused on sustainable development goals without incurring additional debt, aiming to establish an Akwa Ibom Wealth Fund to secure future income.