Akwa Ibom State Government has reported significant gains in its financial management and investment drive, with the state settling ₦39.831 billion in inherited commercial bank loans, growing its marketable securities portfolio to ₦47.2 billion and recording estimated annual savings of over ₦10 billion through payroll reforms.
The developments were highlighted during the ongoing ministerial media briefing in Uyo, where commissioners and heads of government agencies presented scorecards of their respective ministries and departments, outlining achievements in public finance, investment, economic planning, education and digital governance under Governor Umo Eno’s administration.
Presenting the Ministry of Finance scorecard, the Commissioner, Mr Emem Bob, disclosed that the government had also paid ₦100 billion in outstanding gratuity arrears, leaving approximately ₦11 billion yet to be cleared, with the Governor assuring that the remaining liability would be settled.
He said the state had generated ₦9.7 billion through the State Action on Business Enabling Reforms programme, while the investment portfolio of the Ministry of Finance Incorporated had increased from ₦6 billion to ₦11.193 billion, yielding estimated annual returns of between ₦470 million and ₦500 million.
Mr Bob further disclosed that government had extended ₦386 million in loans to 429 civil servants and invested ₦16 billion in Anchor Insurance to strengthen the state’s investment in the company.
On budget implementation, the Commissioner for Budget and Economic Planning reported that the 2025 budget achieved 84.4 per cent performance based on actual revenue, while the 2026 budget recorded 64.6 per cent implementation between January and September.
The Commissioner also highlighted interventions under the Nigeria COVID-19 Action Recovery and Economic Stimulus programme, AK-CARES, which included ₦10,000 cash transfers to 16,950 residents, rehabilitation of 76 rural roads and the execution of 118 micro-projects benefiting 153,288 people.
The state’s expanding investment portfolio also featured prominently in the presentation by the Akwa Ibom Investment Corporation, AKICORP, which disclosed that its marketable securities had grown from ₦17 billion in 2025 to ₦47.2 billion.
Managing Director of the corporation, Pastor ImoAbasi Jacob, said dividend collections had risen to approximately ₦500 million within the current year, with Champion Breweries and Tropicana among the enterprises contributing to the returns.
He further revealed that a new investor had proposed an investment of over 122 million dollars to revive the St Gabriel’s Coconut Factory and reposition it for large-scale production.
The corporation also identified emerging opportunities in the state’s industrial and gas development agenda, particularly the Ibom LNG and Logistics Hub, in which Akwa Ibom has a five per cent equity stake, as well as the proposed ammonia fertiliser plant at Ikot Abasi.
LIn the area of digital governance, the Commissioner for Science and Digital Economy, Dr Frank Ekpenyong, disclosed that the ongoing payroll verification exercise had exposed irregularities and helped establish a more reliable personnel database, with estimated annual savings of over ₦10 billion.
He explained that the digital payroll platform now enables civil servants to access their salary information, examine deductions and complete verification online, while payroll officers can submit salary-related variations electronically, replacing the previous paper-based system.
The Commissioner also reported 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 eve of the presentation.
Similarly, internet services at the Victor Attah International Airport had recorded 8,011 unique users and 5.8 terabytes of data consumption since activation in August.
On education support, the ministry disclosed that 23,535 students across 131 institutions had benefited from the state’s ₦50,000 bursary scheme, with beneficiaries drawn from all 31 local government areas.
Students living with disabilities were also highlighted as beneficiaries of special financial assistance, with undergraduates receiving ₦250,000 and postgraduate students ₦300,000.
The presentation further showcased the state’s Command and Control Centre, equipped with 250 surveillance cameras, comprising 50 number-plate recognition cameras and 200 standard cameras, designed to provide round-the-clock monitoring under the management of the Ministry of Internal Security.
The ministerial media briefing, coordinated by the Commissioner for Information, Dr Aniekan Umanah, provides a platform for government officials to account for their stewardship and present measurable outcomes of their respective ministries.
The presentations collectively highlighted the administration’s reported efforts to reduce inherited financial obligations, expand investment opportunities, strengthen revenue and payroll accountability, improve student support and deploy technology in the delivery of public services.
By: Ikechukwu Agbamegbue, Uyo
