Edo State Governor, Monday Okpebholo, has inaugurated a N1 billion interest-free loan scheme aimed at supporting over 5,000 farmers and traders across the state.
The initiative, launched in Benin on Friday, is designed to stimulate local businesses and empower small-scale entrepreneurs with access to critical working capital.
Okpebholo described the move as a personal fulfillment of his campaign promise, emphasizing his commitment to ensuring that the funds reach genuine grassroots recipients.
“I wanted to ensure this money reaches the right people. That’s the reason for today’s gathering,” he said.
The governor acknowledged past failures of government loan schemes and expressed his determination to avoid similar pitfalls through strict oversight and transparent implementation.
Okpebholo urged anyone excluded from the scheme to report directly to him, describing the rollout as a pilot for future schemes.
Edo State Finance Commissioner, Mr. Emmanuel Okoebor, praised the initiative, saying it would boost rural economies, generate employment, and lift many residents out of poverty.
Okoebor commended Okpebholo’s achievements, citing infrastructure, education reforms, and employment programs already realized within the governor’s short time in office.
“This time, you repay exactly what you borrowed, no interest attached,” Okoebor said, explaining that each beneficiary would receive between N200,000 and N500,000 repayable over 12 months, including a one-month moratorium to allow businesses to recover and stabilize.
