Islamic Development Bank Grants Abia $125 Million Loan

According to Abia State Governor Alex Otti, the state government intends to obtain loans in order to carry out the state's 2024 budget.

Otti stated that the state has already received approval for $125 million from the Islamic Development Bank.

In the state capital of Umuahia on Monday, March 18, the governor announced this.

He states that the African Development Bank has also given the state approval for some funding.

 

Governor Otti said, “Two days ago, the Islamic Development Bank approved the sum of $125m for us under AB Seed, as well as the African Development Bank, AfDB. All is yet to be drawn until after perfection.

“We have received offers of loan from commercial banks, but we have not drawn on any of them. We do not want to draw loans until we need them and will repay when we have liquidity, and we will pay later.”

“We had promised that by the end of this month, we will resolve the lingering pension issues. In our executive council meeting today, we had some resolutions, and soon, pensioners will be settled,” he said.

The governor declared, adding that “Mayors are grading roads and building health centres. I don't know where else they are getting the money from.”

Regarding infrastructure, the governor declared that Abia State will persist in undertaking extensive road restoration, the “light up Abia” initiative, enhancing the health system, and resolving to restore the declining education system.

He continued by saying that 51 secondary schools and 170 primary schools have been designated for rehabilitation, with the goal of having all schools fully restored by the end of 2024.

According to Otti, the Abia standard schools will have a certain appearance because the state government has created the greatest models for educational institutions in the state.

To ensure that Abia students are competitive in accordance with international standards, he continued, qualified teachers will impart to students knowledge of 21st-century skills such as digital technology, renewable energy, and the internet.

He added that the state has gotten a lot of funding from multilateral organizations, but that the state government would make sure that instructors have the training and quality required to teach the pupils.

“We are not alone,” Otti said.

Regarding health, he stated that the state would keep enhancing the quality of healthcare it provides. He added that the state is working nonstop to guarantee that all of Abia State's lands will be planted this planting season and that it has many programs in place to combat hunger.