Abia to Launch N1 Billion Interest-Free Loan Scheme for Residents

Says 50 beneficiaries have been randomly selected from each of the 184 wards in the state to benefit from the first phase of the loan scheme.
Abia State Governor, Dr. Alex Otti
Abia State Governor, Dr. Alex Otti Google Photo

The Abia State government has announced its readiness to launch a N1 billion interest-free revolving loan under the Abia cooperatives scheme for 9,200 residents from the 184 wards of the state on Thursday. 

 Prince Okey Kanu, the state Commissioner for Information and Culture, who revealed this at Government House, Umuahia, while briefing newsmen, noted that 50 beneficiaries have been randomly selected from each of the 184 wards in the state to benefit from the first phase of the loan scheme.

He affirmed that the scheme, which is an interventionist programmeme, is planned as a form of palliative as well as an empowerment programme that would help turn around the lives of the beneficiaries.

Kanu further emphasised that the short, medium, and long-term effects of the scheme will no doubt have a salutary effect on the Abia State economy.

He said, "Dr. Alex Otti is following through on a campaign promise. This Thursday, July 11th, 2024, he will officially begin giving out interest-free, revolving loans to residents of Abia State through the Abia State Cooperative Support Scheme. This programme is designed to support small and microbusinesses in the state".

It is meant to assist them in their businesses. It will help improve the difficulties people face in their businesses due to the economic hardships that are currently impacting the nation's economy.

He condemned the rise in destruction of public schools and property in the state. He noted that the government frowns at the situation, stating that the government has put up measures to end such acts of vandalism. The commissioner advised President Generals of Town Unions, traditional rulers, and other key stakeholders to take ownership of the public schools in their communities.

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