Abia State Announces N1bn Interest-Free Loan Scheme For 9,200 Residents

Abia State Announces N1bn Interest-Free Loan Scheme For 9,200 Residents

UMUAHIA – On Thursday, the Abia State government will launch a N1 billion interest-free revolving loan under the Abia Cooperatives Scheme for 9,200 residents across the state’s 184 wards……….. CONTINUE READING

Commissioner for Information and Culture, Prince Okey Kanu, announced this during a press briefing at the Government House in Umuahia. He explained that 50 beneficiaries from each of the 184 wards have been selected for the first phase of the loan scheme.

Kanu described the scheme as both a palliative and an empowerment initiative aimed at improving the lives of the beneficiaries. He highlighted that the short, medium, and long-term impacts of the scheme will significantly benefit the state’s economy.

“In fulfillment of one of his campaign promises, Dr. Alex Otti will officially launch the disbursement of interest-free revolving loans to Abians under the Abia State Cooperative Support Scheme on Thursday, July 11, 2024,” Kanu said. “This initiative is designed to support nano and micro-business operators in the state, helping them cope with the economic challenges currently affecting the nation’s economy.”

Kanu also condemned the increase in vandalism of public schools and properties in the state, stressing that the government is implementing measures to curb such acts. He urged President Generals of Town Unions, traditional rulers, and other stakeholders to take responsibility for protecting public schools in their communities.

“We have noticed that people are vandalizing school properties, and this trend must be stopped to ensure the government’s efforts to reform the education sector are not wasted,” he said.

The Commissioner further disclosed that enforcement actions against street trading and illegal motor parks in Aba and Umuahia would begin soon, urging those involved to desist immediately.

Prince Uzor Nwachukwu, Commissioner for Local Government and Chieftaincy Affairs, added that the government had shown understanding and leniency in enforcement but would now take stricter actions. “We have pleaded with our people for the past three months. We owe all Abians a duty to ensure our cities are safe, which is in the interest of everyone,” Nwachukwu said.

Commissioner for Finance, Mr. Mike Akpara, addressed allegations of receiving a monthly payment of N10 million, firmly denying such claims. “I want to categorically state that the Commissioner of Finance does not take home N10 million monthly. None of my colleagues receive such amounts; there is nothing like that,” Akpara said.