BY OSABUOHIEN VIVIAN ROSE
Edo State governor, Monday Okpebholo on Friday launched a N1 billion interest-free loan scheme for traders.
The governor stated that the loan was designed to create vitality into grassroots commerce for over 5,000 farmers and small business owners across the state.
“Today, what we are doing in Edo State is the implementation of the president’s agenda. We thank God for the kind of leadership he has given to Edo State and Nigeria. Now, it is time for the progress for our people,” he said.
The governor stated the personal commitment behind the scheme, recalling his campaign promise to provide soft loans. He emphasized that this N1 billion was part of his pledge fulfilment, but with a crucial safeguard.
In a statement signed and issued by his Chief Press Secretary, Fred Itua said “The initiative, designed to inject vitality into grassroots commerce, promises to be a beacon of hope for over 5,000 farmers and small business owners.”
Governor Okpebholo addressed a crowd of market women and men, showing a relationship between his administration’s vision and the federal leadership.
“I wanted to be sure that this money will not go into the wrong hands. That is the essence of this gathering. Because, with my past experience, whenever the executive gives out loans, the money does not get to the grassroots,” Governor Okpebholo noted.
A total of 5,000 beneficiaries are expected across the state. Governor Okpebholo issued a clear directive: “If you do not get this, come back to me and report.” He also revealed that this initial rollout is a “pilot test,” with its success paving the way for future replication of the scheme.
In his statement, the Commissioner for Finance, Emmanuel Okoebor, highlighted the far-reaching benefits of the initiative.
“It is with great pride and a sense of responsibility that I stand before you today to welcome you to the launching of the N1 billion interest-free loan for Edo people,” he said.
He lauded Governor Okpebholo’s achievements in his relatively short tenure, noting that “he has built flyovers, hospitals, schools, employed teachers and increased subvention for our universities to be better than what it was before.
“Now, he is empowering the people. Before now, our mothers collected loans and paid 10 percent on N200,000. For this, there is no interest. You pay back what you borrowed.
“Each of the 5,000 beneficiaries will receive N200,000, with a generous 12-month repayment period and a one-month moratorium, offering vital breathing room for businesses to stabilise.”
The Edo State interest-free loan scheme, regarded as micro loan, will allow beneficiaries to access between N200,000 and N500,000, empowering them to expand their businesses, invest in inventory and ultimately, uplift their livelihoods.
Dignitaries which attended the event include; the Deputy Governor, Dennis Idahosa; Speaker of the House of Assembly, Sheriff Agbebaku; Secretary to the State Government, Umar Ikhilor amongst others.
