Gov. Umahi Seeks Approval For $80 Million Islamic Bank Loan

The Ministry of Finance, Budget and National Planning, has presented a request of Governor David Nweze Umahi’s led administration to borrow US$80 million from the Islamic Development Bank to the Federal Executive Council.

Minister of Finance, Budget and National Planning, Zainab Ahmed disclosed this while briefing the media on Wednesday’s virtual meeting of the Federal Executive Council presided over by President Muhammadu Buhari.

She said the ministry presented the request to council on behalf of the Ebonyi State government for the construction of the Abakaliki Ring Road, which would link the 13 local government areas in the state.

“So, while the federal government is the one borrowing from the bank, the federal government will be on-lending this loan to the Ebonyi state government.

“We have done our debt sustainability analysis that proved that Ebonyi State has the capacity to repay this loan, which is provided on the basis of liable plus and also with a long tenure for repayment.

“The Ebonyi ring road connects 13 Local Governments in the state as well as the neighbouring Cameroon Republic.

“It is a major road that will provide access to the citizens in the states, from farmers to the markets, and it will enhance economic activities in the state.”

The minister said that neighbouring states to Ebonyi would also benefit from road when constructed.

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