Abia to unveil N1bn interest-free business loan

The Abia State government will, on Thursday, launch the N1bn interest-free revolving loan scheme for 9,200 residents from the 184 wards in the state.

The Commissioner for Information and Culture, Prince Okey Kanu, disclosed this on Monday while briefing the press on the outcome of the executive council meeting presided over by Governor Alex Otti.

He said the 50 beneficiaries would be selected from each political ward in the state, adding that the scheme, an interventionist and empowerment programme, would help the beneficiaries and grow the economy.

“Governor Alex Otti will, on Thursday, July 11, officially launch the disbursement of interest-free revolving loans to Abians via the Abia State Co-operative and Support Schemes.

“This is meant to support micro-businesses operating in the state. It is an interventionist programme that will act as an empowerment for the beneficiaries.

“To Ensure an even spread around the state, 50 beneficiaries have been drawn from 184 political wards in the state.

“The short, medium and long-term effects of the programme will have positive effects on the state economy, helping to ameliorate the difficulties people are facing in their businesses in the face of the economic downturn in the country,” he said.

Kanu noted, with dismay, the rise in vandalism of public schools and property in the state.

He pointed out that such acts of vandalism must stop and urged presidents general, town union executives and other stakeholders to take ownership of the public schools in their communities.

He also said the enforcement of the ban on street trading and illegal motor park operations in Aba and Umuahia would commence soon as he advised those engaging in such acts to desist forthwith.

The Commissioner for Local Government and Chieftaincy Affairs, Uzor Nwachukwu, said the government had shown understanding and applied human face to the enforcement and would act accordingly.

The Commissioner for Finance, Mr Mike Akpara, denied the rumour that he took N10m out from the government’s coffers monthly.

He said neither he nor other state government officials take home N10m from the government coffers, as he described such rumours as unfounded.