Governor Monday Okpebholo of Edo State, has officially launched a ₦1 billion interest-free loan scheme, as part of the fulfilment of his campaign promises.
The governor at the launching also said it was a direct alignment with President Bola Tinubu’s Renewed Hope Agenda for national progress.
Okpebholo, addressing market women and men, described the initiative as a beacon of hope for over 5,000 farmers and small business owners across the state, adding that it would inject vitality into grassroots commerce.
He said “There is an adage: follow who knows the road. That is why we decided to follow the footsteps of our President, Bola Ahmed Tinubu.”
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He added, “Today, what we are doing in Edo State is the implementation of the agenda of the President. 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.”
The Governor underscored the personal commitment behind the scheme, recalling his campaign promise to provide soft loans.
He emphasized that this N1 billion fund was the fulfillment of that pledge, but with a crucial safeguard.
“I just 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,” Okpebholo noted.
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“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 replications of the scheme.
In his statement, Honourable Commissioner for Finance, Emmanuel Ehidiamen Okoebor, said: “It is with great pride and a sense of responsibility that I stand before you today to welcome everybody to this occasion of the launching of the N1 billion interest-free loan to Edo people, our traders, our market women, our brothers and our fathers in the state,” he declared.
Okoebor said the scheme would “boost the economy of our rural areas and semi-urban areas, create jobs, and reduce poverty.”
He added, “Now, he has come to empower the people.” Crucially, he explained the zero-interest feature that sets this loan apart. “Before now, our mothers collected loans and paid 10% 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 stabilize.”