{"id":122945,"date":"2025-10-12T20:11:29","date_gmt":"2025-10-12T19:11:29","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=122945"},"modified":"2025-10-12T20:11:29","modified_gmt":"2025-10-12T19:11:29","slug":"abia-dismisses-alleged-misuse-of-263-80m-foreign-loan","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/abia-dismisses-alleged-misuse-of-263-80m-foreign-loan\/","title":{"rendered":"Abia Dismisses Alleged Misuse of $263.80m Foreign Loan"},"content":{"rendered":"
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By Tracy Moses<\/div>\n
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The Abia State Liaison Officer to the National Assembly, Hon. Iheanychukwu Chinasa, has dismissed as baseless and deceptive the allegation by the Deputy Speaker of the House of Representatives, Rt. Hon. Benjamin Kalu, that the Abia State Government mismanaged a recently approved $263.80 million foreign loan.<\/div>\n
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In a statement issued in Umuahia on Sunday, Chinasa, who is also a prominent member of the Labour Party in the state, clarified that although the loan facility was secured under the Abia State Integrated Infrastructural Development Project (ABSIID) from a consortium of three international banks, the funds have not yet been released to the state government.<\/div>\n
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He explained that the financial institutions involved are the Islamic Development Bank ($125 million), the African Development Bank ($100 million), and the Canada\u2013Africa Development Bank ($15 million), with Abia State expected to contribute $23.80 million as counterpart funding.<\/div>\n
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Chinasa noted that the loan was intended to finance critical infrastructure projects in the state, stressing that it was misleading for anyone to insinuate that the funds had been diverted.<\/div>\n
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\u201cThese funds are still in the custody of the banks. As we speak, not a single dollar has been drawn by the Abia State Government. This information is verifiable and available in the public domain,\u201d he stated.<\/div>\n
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The Labour Party stalwart accused the Deputy Speaker of deliberately spreading falsehoods to tarnish the image of Governor Alex Otti\u2019s administration for political gain.<\/div>\n
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\u201cWhy does the Deputy Speaker choose to misinform the public? Is it out of desperation to attract attention or curry favour under the guise of political loyalty? It is irresponsible for him to demand results from funds that have not even been disbursed,\u201d Chinasa remarked.<\/div>\n
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He further criticized Kalu for what he described as a persistent attempt to \u201cblackmail\u201d the Abia government, urging him to concentrate on his legislative duties to the people of Bende Federal Constituency rather than creating unnecessary political tension.<\/div>\n
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\u201cThe Deputy Speaker should channel his energy toward effective representation instead of launching unprovoked attacks on Governor Otti,\u201d he advised.<\/div>\n
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Chinasa cautioned Nigerians to be wary of \u201cemergency politicians who thrive on name-dropping and propaganda,\u201d adding that if Kalu believes he has the popularity to govern Abia State, he should wait until 2027 and contest in the gubernatorial election.<\/div>\n
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Speaking on the performance of Governor Otti, Chinasa described his leadership as exemplary, emphasizing that \u201cthe governor has done remarkably well with the resources available and deserves commendation rather than unwarranted criticism.\u201d<\/div>\n<\/div>\n<\/div>\n