Abia State Governor, Alex Otti, has revealed that the Abia State Government had successfully secured approval for a substantial $125 million loan facility from the Islamic Development Bank.
This announcement came amidst a media parley in Umuahia, where Otti addressed questions from journalists.
Highlighting the state’s prudent approach to financial management, Otti clarified that although the loan had been approved, the funds had not yet been accessed. He stated the importance of thorough documentation processes before drawing on the loan, indicating a meticulous and cautious stance towards borrowing.
He also mentioned that the state had also received approval for loans from another undisclosed financial institution.
In the face of rumours circulating about the state’s borrowing activities, Otti vehemently denied reports suggesting that the state had borrowed a staggering N144 billion. He dismissed such claims as either ignorant or malicious attempts to discredit his administration. Despite acknowledging plans for future loan acquisitions, Otti reassured the public that no loans had been procured under his administration thus far.
He urged the public to disregard attempts to tarnish his administration’s reputation, asserting his unwavering commitment to resolving longstanding issues such as pension and salary arrears.
He indicated progress in securing approvals for addressing these pressing matters, demonstrating proactive steps towards fulfilling campaign promises and ensuring financial stability within the state.