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GOVERNOR OKPEBHOLO’S ADMINISTRATION GUARANTEES N100BN CREDIT FACILITY FOR CONTRACTORS TO BOOST INFRASTRUCTURE DEVELOPMENT

The Edo State Government has clarified that it is not taking a direct loan of N100 billion but is instead serving as a guarantor for contractors handling critical infrastructure projects across the state. Chief Press Secretary to Governor Monday Okpebholo, Fred Itua, made this known in a statement on Wednesday. In the statement, Itua explained that the government has secured a contractor-backed credit facility from First Bank Plc, with the state guaranteeing nominated contractors direct access to capital for their projects. “This clarification is crucial to correct any misconception arising from reports suggesting that the Governor had directly obtained an approval to borrow the aforementioned sum,” Itua said. The funds, which will be disbursed directly to contractors based on project demands, have a tenure of 40 months. Itua noted that the Edo State Government is fully committed to fulfilling its guarantee obligations by ensuring timely payments to the bank as agreed. “The Edo State Government is fully committed to fulfilling its guarantee obligations by ensuring timely payments to the bank as agreed, thereby guaranteeing the seamless and expeditious execution of these vital projects,” he added. Some of the priority projects earmarked for execution under this funding mechanism include the construction of a flyover bridge at Adesuwa Road, construction of Evbhukhu-Sapele Road with surface and underground drainage system in Oredo LGA, and construction of Eguaolor-Iguomo-Uvbenisi-Oza Road with Spur to Ohe community in Uhunwonde LGA, among others. Itua described the strategy as a “pragmatic and fiscally responsible model” designed to ensure that contractors have adequate funding to complete projects efficiently. “This innovative approach is a deliberate move by Governor Okpebholo’s administration to accelerate the development of key infrastructure across Edo State,” the statement added.