# Tags
#General News

EDO GOVERNOR LAUNCHES N1 BILLION INTEREST-FREE LOAN SCHEME FOR TRADERS AND FARMERS

Edo State Governor, Monday Okpebholo, has officially launched a groundbreaking N1 billion interest-free loan scheme, designed to inject vitality into grassroots commerce and serve as a beacon of hope for over 5,000 farmers and small business owners across the state. The launch event, held in Benin City, the state capital, was attended by a host of dignitaries.

Chief Press Secretary to Governor Monday Okpebholo, Fred Itua, announced the initiative, which promises to boost the economy of rural areas and semi-urban areas, create jobs, and reduce poverty. Fred Itua noted that the scheme is a direct alignment with President Bola Ahmed Tinubu’s Renewed Hope Agenda for national progress.

Governor Okpebholo, addressing a jubilant crowd of market women and men, drew a powerful parallel between his administration’s vision and federal leadership. “There is an adage: follow who know road. That is why we decided to follow the footsteps of our President, Bola Ahmed Tinubu,” he said. “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. “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,” Okpebholo noted. “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 a statement, Commissioner for Finance, Emmanuel Ehidiamen Okoebor, highlighted the far-reaching benefits of the initiative. “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 declared. Okoebor elaborated on the scheme’s impact, stating it would “boost the economy of our rural areas and semi-urban areas, create jobs, and reduce poverty.”

Okoebor lauded Governor Okpebholo’s achievements in his relatively short tenure, noting that “he has built flyover, hospitals, schools, employed teachers, increased subvention for our universities to be better than what it was before. Now, he has come to empowering the people.” He explained the zero-interest feature that sets the loan apart, saying, “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. The Edo State interest-free loan scheme 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.

EDO GOVERNOR LAUNCHES N1 BILLION INTEREST-FREE LOAN SCHEME FOR TRADERS AND FARMERS

TINTED GLASS PERMIT: NPF EXTENDS GRACE PERIOD

Leave a comment

Your email address will not be published. Required fields are marked *