Buhari’s Ex-Aide Praises Otti’s $125 Million Loan from Islamic Bank for Abia State

Bashir Ahmad, former aide to ex-President Muhammadu Buhari, has commended Governor Alex Otti of Abia State for securing a $125 million loan from the Islamic Development Bank (IDB) to finance capital projects in the state.

In a recent statement, Ahmad praised the decision, citing the benefits of Islamic finance in promoting ethical investment and economic development without the burden of interest.

Islamic banking, which is interest-free, aligns with the ethical guidelines of Islam, which perceive money as a means of exchange rather than a commodity that can generate income through interest.

This principle ensures that financial transactions contribute directly to economic activities and development without the burden of interest, which can sometimes be prohibitive.

Islamic finance emphasizes partnership and the sharing of profit and risks. This approach encourages a sense of mutual responsibility and ethical investment.

In the context of Abia State, the utilization of Islamic finance can provide several advantages. It can enable the state to undertake essential capital projects without the long-term financial strain that interest-bearing loans might impose.

The loan from the Islamic Development Bank is a significant step towards the development of Abia State, as it will allow the government to invest in much-needed infrastructure and other capital projects without incurring substantial interest costs.

This approach is not only financially prudent but also aligns with the ethical principles of Islamic finance, fostering a more equitable and sustainable economic development for the state.

In conclusion, Governor Alex Otti’s decision to secure a $125 million loan from the Islamic Development Bank for Abia State has been lauded by former President Buhari’s aide, Bashir Ahmad.

The utilization of Islamic finance in this context is a strategic move that promotes ethical investment, fosters economic development, and reduces the financial strain on the state.