Abia State Govt secures $125 million loan, outlines spending plan

Oluwasegun SanusiMarch 19, 20241 Mins read291

Abia State Governor Alex Otti has revealed his administration’s strategy to bolster economic development and enhance social welfare through securing loans and implementing various initiatives outlined in the 2024 Budget.

During a media briefing in Umuahia, Governor Otti disclosed that significant progress had been made in securing funds for the state’s development projects.

He announced that the Islamic Development Bank had approved a loan of $125 million for Abia State under the AB Seed program, with additional funds sanctioned by the African Development Bank.

Otti emphasised the prudent management of borrowed funds, stating, “We do not want to draw loans until we need them and will repay when we have liquidity, and we will pay later.”

He reassured workers of the government’s commitment to addressing wage issues and pension arrears, highlighting the formation of a committee to address these concerns.

Otti outlined plans for extensive road rehabilitation, improved healthcare services, and revitalising the education system.

He announced the earmarking of funds for rehabilitating 170 primary and 51 secondary schools, aiming to enhance Abia State’s education quality.

He underscored the importance of equipping students with 21st-century skills, including digital literacy and renewable energy knowledge, to ensure their competitiveness on a global scale.

He emphasised the government’s focus on teacher training and collaboration with multilateral agencies to achieve these objectives.

Otti pledged continued efforts to enhance healthcare delivery in the state, prioritising initiatives to address food security and agricultural development.

“We will continue to improve healthcare delivery in the state,” Otti stated.

He affirmed the government’s commitment to maximising agricultural productivity by cultivating all available lands in Abia during the upcoming planting season.

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