ABIA STATE TO GET $125 MILLION FROM ISLAMIC DEVELOPMENT BANK FOR ROAD CONSTRUCTION.

The governor of Abia state, Alex Otti, has disclosed that his state received approval for a $125 million loan facility from Islamic Development Bank, but the funds are yet to be disbursed pending the completion of necessary documentation.

Governior Otti made the disclosure during a media chat where he fielded a wide range of questions. The governor also revealed the state is set to take advantage of another loan facility but withheld the name of the bank.

He further said that the state had been receiving loan offers from many other commercial banks but added that non of the facilities had been drawn.

He stressed that the 2024 budget of the state require that they take loans but the state will not rush into making those decisions untill they decide it is neeeded and they have the capacity to manage such faciliities.

He said “we are financially enlightened as a state that we will not draw any loan until we need it “.

He therefore dismissed reports that the state has drawn over 144 billion naira in loans since he came into office, describing such reports as “either ignorant or mischievous, or both”.

Governor Otti explained that he had plans to go for loan, the state under his watch had not obtained any loan so far contrary to reports.

He said “Yes, there are plans to secure loan and they are at maturity stage”.