Abia State Government to Launch N1bn Interest-Free Loan Scheme for Residents

Abia State Governor, Alex Chioma Otti, OFR

The Abia State government is set to launch a N1 billion interest-free revolving loan scheme aimed at empowering 9,200 residents from the state’s 184 wards. This initiative, scheduled for Thursday, July 11, was announced by the Commissioner for Information and Culture, Prince Okey Kanu, during a press briefing on Monday. The briefing followed an executive council meeting chaired by Governor Alex Otti.

Prince Kanu detailed that the scheme would select 50 beneficiaries from each political ward in the state. The program, designed as an interventionist and empowerment initiative, seeks to support micro-businesses and stimulate economic growth across Abia.

“Governor Alex Otti will officially launch the disbursement of interest-free revolving loans to Abians via the Abia State Co-operative and Support Schemes. This program aims to support micro-businesses operating in the state and will act as a significant empowerment tool for the beneficiaries,” Kanu stated.

He emphasized that the program would have a broad impact, benefiting the state’s economy in the short, medium, and long term. “The scheme will help alleviate the economic difficulties people are facing in their businesses amid the current economic downturn in the country,” he added.

During the briefing, Kanu also addressed the rising issue of vandalism in public schools and properties within the state. He called on community leaders and stakeholders to take responsibility for protecting public schools in their areas.

In addition, Kanu announced upcoming enforcement actions against street trading and illegal motor park operations in Aba and Umuahia. He urged those involved in these activities to cease immediately.The Commissioner for Local Government and Chieftaincy Affairs, Uzor Nwachukwu, expressed that the government had shown understanding and applied a humane approach to enforcement and would continue to do so.Furthermore, the Commissioner for Finance, Mr. Mike Akpara, refuted rumors that he and other state officials were taking N10 million monthly from the government coffers. He described these allegations as baseless and unfounded.This comprehensive approach by the Abia State government aims to foster economic resilience, ensure community safety, and maintain transparency in governance.

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