Borrowing From Islamic Development Bank Is Not Worrying – Gov. Alex Otti

Alex Otti

Abia State Governor Alex Otti has said that the S125m Islamic bank loan is meant for development purposes.

He recently revealed that, contrary to reports circulating online, the loan facility has no religious connotations whatsoever.

Responding to a question during a media parley in Umuahia, Otti vowed that the loan would be solely used for the projects it was procured for, stating that his government is known to manage resources effectively.

Urging Nigerians not to worry because the $125 million came from the Islamic Development Bank, Otti maintained that even if money comes from the devil, all that matters is how you use it.

He stated that money has no colour; therefore, using it for the good purpose it was borrowed for is his major focus.

“Now, you are worried about the $125 million billion dollars. You are worried that it is coming from Islamic Development Bank? I don’t think there’s any need for worry.

You know money doesn’t have colour. Whether it is coming from the devil, or coming from heaven. The important thing is to use the money for the purpose. So, that is what it is. It is Islamic Development Bank,” he said.

He further noted that the Commissioner for Finance is set to share detailed information about the loan facility in the coming days.

Otti, however, concluded by saying that the unstable exchange rate of the Dollar to Naira has been a constant headache for him since the loan was secured.

“I believe that the details will be made clear by the Commissioner for Finance at the appropriate time. There is nothing to worry about. The conditions are very generous. By the time I looked at the conditions, I was utterly surprised.

What we are usually worried about is what happens to exchange rates. That is always my worry. If the money was borrowed prior to May 2023, the exchange rate at that time was under N500. Today, it is now longer the same,” he added.