Edo governor unveils N1bn interest-free loan scheme

The governor of Edo State, Sen. Monday Okpebholo has unveiled a N1 billion interest-free loan scheme, a move he emphatically declared as a direct alignment with President Bola Ahmed Tinubu’s Renewed Hope Agenda for national progress.

A statement issued by the Governor’s Chief Press Secretary, Fred Ituah, explained that a total of 5,000 beneficiaries are expected to benefit across the state.

Okpebholo, addressing a crowd of market women and men, 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.”

He 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 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,” Governor Okpebholo noted.

Okpebholo also revealed that this initial rollout is a “pilot test,” with its success paving the way for future replications of the scheme.

Meanwhile, Commissioner for Finance, Emmanuel Ehidiamen Okoebor, highlighted the far-reaching benefits of the initiative.

Each of the 5,000 beneficiaries will receive N200,000, with a 12-month repayment period and a one-month moratorium, offering vital breathing room for businesses to stabilize.

The Edo State interest-free loan scheme, categorised as a micro loan, 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.