Akwa Ibom State government has paid ₦39.831 billion naira in inherited commercial bank loans, grown its marketable securities portfolio to ₦47.2 billion naira and recorded estimated annual savings of over ₦10 billion naira through payroll reforms, highlighting the administration’s efforts to strengthen public finances and expand the state’s economic base under Governor Umo Eno.
The developments formed part of the scorecards presented by commissioners and heads of government agencies during the ongoing ministerial media briefing in Uyo, which also highlighted improvements in revenue collection, investment management, student support and digital governance. Commissioner for Finance, Emem Bob, disclosed that the administration had paid ₦111 billion naira in gratuity arrears, leaving about ₦11 billion naira outstanding. He said the Governor had promised to clear the remaining liability. He further disclosed that the state had provided ₦386 million naira in loans to 429 civil servants and invested ₦16 billion naira in Anchor Insurance to strengthen the state-owned company.
On budget performance, the Commissioner for Budget and Economic Planning reported that the state’s 2025 budget recorded 84.4 per cent implementation based on actual revenue, while the 2026 budget achieved 64.6 per cent performance between January and September. MD of AKICORP, Pastor ImoAbasi Jacob, further highlighted efforts to reposition state-owned businesses and attract private capital, including a proposed investment of over $122 million dollars by a new investor to revive the St Gabriel’s Coconut Factory and reposition it for large-scale production.
The corporation also outlined investment opportunities linked to 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.
Digital reforms were another major feature of the briefing, with the Ministry of Science and Digital Economy reporting that payroll verification had exposed irregularities and helped establish a cleaner database, resulting in estimated annual savings of over ₦10 billion naira. The Commissioner, Dr Frank Ekpenyong said civil servants could now access their payroll information, view deductions and verify themselves through a digital platform, while payroll officers had been equipped to submit salary-related variations electronically rather than through the previous paper-based process.
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