Otti Addresses Concerns on $125m Islamic Bank Loan for Abia
Gov. Alex Otti of Abia has addressed concerns surrounding the $125 million loan from the Islamic Development Bank (IDB), saying that the conditions were generous. Otti, while responding to questions during the monthly media parley on Friday in Umuahia, allayed fears expressed at some quarters concerning the IDB loan.
“There is nothing to worry about; the conditions are generous, and by the time I looked at it, I was actually surprised,” he said.
The Federal Executive Council had at its meeting on Wednesday, approved the facility to finance the Abia State Integrated Infrastructure Development Project, but not yet drawn. Otti, however, said that one should only express worry about what happened to the exchange rate.
“If the money was borrowed prior to May 2023, the exchange rate at that time was under N500.
“But today, if you are paying back you will begin to look for thrice that money and that is where the issue of deployment comes in,” he said.
Otti promised that his administration would continue to give prior attention to the health care sector, saying that 120 out of the 200 primary health centres for rehabilitation had been completed.
He said that the government was also fixing all the 22 general hospitals in the state, adding that Obingwa General Hospital would soon be completed and inaugurated before the end of the month.
The governor said that the government was working to upgrade education at the primary, secondary and tertiary levels. He said that 221 primary and secondary schools were receiving attention in the first phase of rehabilitation.
Otti explained that the implementation of the free and compulsory education from primary to junior secondary school at the beginning of the year, had led to massive enrollment in public schools.
The governor also said that a lot of roads were receiving attention, stressing that about 50 of them were being addressed by direct labour, while 30 were on contract.
He expressed happiness that some of the challenges with funding had been dealt with, given the recent passage of the supplementary budget by the State House of Assembly. The governor addressed other developmental efforts of his administration, especially in the areas of electricity, agriculture and others #Otti Addresses Concerns on $125m Islamic Bank Loan for Abia Inflation Rate in Nigeria Declines by 34bps to 21.88%
