Abia to borrow $125 million from Islamic dev bank – Gov Otti

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Governor Alex Otti disclosed that the Abia State Government had secured approval for a $125 million loan facility from the Islamic Development Bank. However, he emphasized that the state had yet to utilize the loan.

He mentioned that the necessary documentation was underway before accessing the funds.

During a media briefing in Umuahia on Monday night, Otti also mentioned that the state had obtained approval for loans from another financial institution, although he didn’t specify the bank.

Additionally, he noted that the state had been approached by numerous commercial banks with loan offers, but none of these facilities had been utilized.

Despite the necessity of loans to fund the 2024 budget, Otti emphasized that the state would refrain from hastily withdrawing any loans until they are deemed necessary.

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

Governor Otti dismissed as untrue, reports in some quarters that he had borrowed N144 billion.