PFN calls for thorough analysis of of $125m Islamic Development Bank loan facility for Abia

Abia State Secretary of the Pentecostal Fellowship of Nigeria, PFN, and Southeast Zonal Assistant Secretary, Rev. Blessed Amalambu has commended Abia State for the approval of $125 million loan facility from the Islamic Development Bank.

Amalambu, however, encouraged the state government to carefully review all agreements associated with the funding.

The $125 million is part of the a broader $263.8 co-financing facility by Islamic Development Bank, IsDB, African Development Bank, AfDB, Canada-Africa Development Bank, and counterpart funding from Abia state government.

But reacting to the matter, the PFN Secretary in Abia State, Rev. Blessed Amalambu said that celebration of the approval should exist side-by-side with careful analysis of the terms guiding the financial instrument.

“We are happy with the progress Abia is making under Governor Otti, and we celebrate this funding as a step toward development,” Amalambu stated.

“As we move forward, it is wise to ensure that all terms and conditions are thoroughly vetted to protect the state’s long-term interests.”

Rev. Amalambu advocated for input from legal, financial, and policy experts to ensure that the loan aligns with the state’s development goals and legal frameworks, saying that carefulness must be applied to ensure that there is no religious attachment that may hinder the interest of the Christians in Abia, in the future.

“My position is not to hinder progress, but to support responsible and informed decision-making,” he added. “If the loan terms are beneficial and transparent, we fully support it.” the Christian leader said.

However, Abia State government listed the construction of 126 km of roads in Aba, 35.57 km in Umuahia, an intercity link road, erosion control systems, environmental sustainability initiatives, and the creation of over 3,000 jobs as the benefit of the first trench of the loan.

Also speaking to Abia people on Friday, Governor Alex Otti said that there was nothing to be afraid about the Islamic Development Bank facility, except in a situation where the foreign exchange becomes unstable in the country.

PFN calls for thorough analysis of of $125m Islamic Development Bank loan facility for Abia