Abia State to Launch N1bn Interest-Free Business Loan

The Abia State Government is set to unveil a N1bn Interest-Free Revolving Loan Scheme this Thursday, aimed at empowering 9,200 residents across the state’s 184 wards in the first phase of the program.

The announcement was made by the State Commissioner for Information and Culture, Okey Kanu, during a press briefing on Monday, following the executive council meeting presided over by Governor Alex Otti.

Kanu highlighted that 50 beneficiaries would be selected from each political ward, emphasizing that the scheme is designed to support micro businesses and stimulate economic growth in Abia. He noted that the initiative would serve as both a palliative measure and an empowerment tool for the recipients.

“This programme is intended to bolster micro businesses operating within the state. It is an interventionist initiative that will provide much-needed relief and empowerment to the beneficiaries,” Kanu stated.

Governor Otti will officially launch the loan disbursement through the Abia State Co-operative and Support Schemes. The initiative is expected to have significant short, medium, and long-term positive impacts on the state’s economy, helping to alleviate the economic challenges faced by local businesses.

Kanu also addressed concerns over rising vandalism in public schools and properties, urging community leaders to take responsibility for protecting these assets. He further announced imminent enforcement actions against street trading and illegal motor park operations in Aba and Umuahia, advising those involved to cease such activities immediately.

In addition, Commissioner for Local Government and Chieftaincy Affairs, Uzor Nwachukwu, remarked on the government’s balanced approach to enforcement thus far and indicated that stricter measures would now be implemented.

Finance Commissioner Mike Akpara also clarified rumors about his earnings, denying claims that he or other state officials take home N10m monthly.