Edo State Governor, Monday Okpebholo, on Friday, officially commenced the disbursement of a N1 billion interest-free loan scheme to traders and farmers, describing it as a direct implementation of President Bola Ahmed Tinubuโs Renewed Hope Agenda.
The initiative, which targets over 5,000 beneficiaries, was unveiled at a ceremony in Benin City, where traders, market leaders, and government officials gathered to witness the landmark economic intervention.
Governor Okpebholo, addressing the excited crowd, drew a connection between his administrationโs efforts and the federal governmentโs vision. “There is an adage: follow who know road,”he declared.
“That is why we decided to follow the footsteps of our President, Bola Ahmed Tinubu. 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 of our people.”
The governor emphasized that the loan scheme fulfilled a key campaign promise, but with strict measures to ensure transparency. “I just wanted to be sure that this money will not go to 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,” he explained.
He assured beneficiaries of accountability, urging them to report any irregularities. “If you do not get this, come back to me and report,” he said, adding that the program was a “pilot test” that could be expanded if successful.
Hon. Emmanuel Ehidiamen Okoebor, Edo State Commissioner for Finance, hailed the initiative as a major step toward economic empowerment. “It is with great pride and 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 said.
Okoebor highlighted the schemeโs potential to “boost the economy of our rural areas and semi-urban areas, create jobs, and reduce poverty.” He praised Governor Okpebholoโs achievements, noting, “He has built flyovers, hospitals, schools, employed teachers, increased subventions for our universities to be better than what it was before. Now, he has come to empowering the people.”
Unlike previous loan programs, this scheme carries no interest. “Before now, our mothers collected loans and paid 10% on N200,000. For this, there is no interest. You pay back what you borrowed,” Okoebor explained.
Each beneficiary will receive N200,000, with a 12-month repayment window and a one-month grace period to allow businesses to stabilize. The micro-loan scheme also offers higher amountsโup to N500,000โfor qualified applicants seeking to expand their enterprises.
The event was attended by top government officials, including Deputy Governor Dennis Idahosa, Speaker of the Edo State House of Assembly Sheriff Agbebaku, and representatives from major trade associations.
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