Governor Alex Otti of Abia State announced that the Islamic Development Bank (IDB) has sanctioned a $125 million loan to fund various capital projects in the state. This information was shared during the monthly media interaction in Umuahia on Monday.
Additionally, Governor Otti mentioned that the African Development Bank (AfDB) has also approved another loan for the state. These loans, he clarified, are yet to be utilized, but the necessary approvals have been secured.
The governor elaborated on the forthcoming steps, indicating that the focus would be on finalizing the documentation, signing the loan agreements, and meeting the required conditions.
Regarding loans from local commercial banks, Governor Otti noted that while the government has received offers, no funds have been drawn from these sources. He emphasized the government’s approach of prudent financial management, stating, “We do not need to draw loans until we need them. Any time we have liquidity, we will repay to avoid accumulating interest.”
In response to recent allegations by a major opposition party claiming that the government secured a N1.5 billion loan, Governor Otti dismissed these claims as false.
Governor Otti also mentioned the approval of bursary awards for Abia state students enrolled in various Law schools across the country, a decision made in response to student requests.
The governor highlighted the establishment of a new scholarship board aimed at assisting diligent but financially challenged students in accessing quality education.
Considering the prevailing economic challenges, Governor Otti stated that his administration is contemplating providing wage incentives for state civil servants.
