Abia State hands Out $1 Billion Interest-Free Loans

July 9, 2024 AJIBOLA EMMANUEL ADEBAYO 0 Comments Abia State hands Out $1 Billion Interest-Free Loans

The Abia State Government is set to unveil a $1 billion interest-free revolving loan scheme aimed at benefiting 9200 Abians across the state’s 184 wards in the first phase of the program. The Commissioner for Information and Culture, Okey Kanu, shared details of this initiative following an executive council meeting led by Governor Alex Otti.

The scheme, targeting 50 beneficiaries from each ward, is designed to support microbusinesses and is expected to positively impact the state’s economy by providing much-needed financial relief amid economic challenges.

The programme will be officially launched through the Abia state cooperative and support schemes, serving as both a palliative and empowerment measure. Kanu emphasised the programme’s broad economic benefits, which include alleviating business difficulties and fostering economic growth. Additionally, Kanu expressed concern over the increasing vandalism of public schools and properties, urging community leaders to take responsibility for safeguarding these institutions.

He also announced upcoming enforcement measures against street trading and illegal motor park operations in Abia and Umuahia, warning those involved to cease such activities. Commissioner for Local Government and Chieftaincy Affairs, Uzor Nwachukwu, indicated that the government has been lenient in enforcement efforts but will now adopt stricter measures. Meanwhile, Commissioner for Finance Mike Akpara refuted rumours of excessive monthly earnings for himself and other officials, clarifying that such claims are false.