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Abia Secures $125m Loan To Implement 2024 Budget

Published

2 years ago

March 19, 2024

Abia State Governor, Alex Otti, says the state government plans to secure loans to implement the 2024 Budget, adding that already, the Islamic Development Bank has approved $125 million for the state.

Otti disclosed this Monday during a chat with journalists in Umuahia, the state capital.

He added that the African Development Bank has also approved some funds for the state.

The governor said, “Two days ago, the Islamic Development Bank approved the sum of $125m for us under AB Seed, as well as the African Development Bank, AfDB. All is yet to be drawn until after perfection.

“We have received offers of loan from commercial banks, but we have not drawn on any of them. We do not want to draw loans until we need them and will repay when we have liquidity, and we will pay later.”

On wage awards or salary increase, the governor assured workers that his administration had not withdrawn its promise on that, stating that there is already a committee in place on the matter.

“We had promised that by the end of this month, we will resolve the lingering pension issues. In our executive council meeting today, we had some resolutions, and soon, pensioners will be settled,” he said.

According to him, the local government accounts are not tampered with, stating, “Mayors are grading roads and building health centres. I don’t know where else they are getting the money from.”

On infrastructure, the governor said, “Abia will continue with our massive road rehabilitation, light up Abia, improvement in the health system and the resolve to retrieve education system that has been going down”, adding that 170 primary schools and 51 secondary schools have been earmarked to be rehabilitated so that at the end of the year, all schools will be fully rehabilitated.

He said the state government has designed the best models for Abia schools so that “the Abia standard schools will look a certain way.”

He added that trained teachers will teach students what is relevant in the 21st century, including the internet, renewable energy, and digital technology, among others to make Abia students competitive in line with global practices.

However, the state government, he said, would ensure the quality and skills necessary to teach the students by ensuring the right training for the teachers, stating “We have received lots of support from multilateral agencies. We are not alone. ”

On health, he said, “We will continue to improve healthcare delivery in the state”, stating also that in terms of food security, the state has a lot of initiatives to deal with hunger and is working round the clock to ensure that all lands in Abia will be cultivated this planting season.

Related Topics:Abia state Alex Otti Budget

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Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

16 hours ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

Business

JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Published

3 days ago

May 2, 2026

Editor

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.

Business

Dangote Refinery Hikes Petrol Price

Published

6 days ago

April 29, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75.

The refinery announced the increase on Wednesday, hiking the the price from N1,200 to N1,275 per litre.
In the same way, coastal prices have gone up to N1,215 per litre.

This adjustment amid Brent crude trading at $114.80 per barrel marks a 3.15% increase.

DAILY POST reports that Brent crude has increased to $115 per barrel, while West Texas Intermediate rose to $103 per barrel on Wednesday.