PFN Calls for Detailed Review of $125m Islamic Development Bank Loan for Abia

Rev. Blessed Amalambu, Secretary of the Pentecostal Fellowship of Nigeria (PFN) in Abia State and Southeast Zonal Assistant Secretary, has praised Abia State’s approval of a $125 million loan facility from the Islamic Development Bank (IsDB).

While welcoming the development, Amalambu advised the state government to carefully scrutinize all agreements linked to the funding to safeguard long-term interests.

The $125 million forms part of a larger $263.8 million co-financing package involving the IsDB, African Development Bank (AfDB), Canada-Africa Development Bank, and counterpart funding from Abia State.

“We are pleased with the progress under Governor Otti and celebrate this funding as a significant step toward development,” Amalambu said. “However, it is essential that all terms and conditions be thoroughly reviewed to protect the state’s future.”

He called for input from legal, financial, and policy experts to ensure the loan aligns with Abia’s development goals and legal framework. Amalambu also emphasized the importance of ensuring no religious affiliations within the funding terms that might adversely affect Christians in Abia.

“My intention is not to block progress but to encourage responsible and informed decision-making,” he added. “If the terms are transparent and beneficial, we fully support the loan.”

The Abia State government plans to use the loan’s first tranche to construct 126 km of roads in Aba, 35.57 km in Umuahia, build an intercity link road, implement erosion control and environmental sustainability initiatives, and create over 3,000 jobs.

Speaking to Abia residents on Friday, Governor Alex Otti reassured the public, saying there is no cause for alarm over the Islamic Development Bank facility, except if the country’s foreign exchange situation becomes unstable.