Edo State Governor, Monday Okpebholo, has flagged off the disbursement of a N1bn interest-free loan targeted at traders, farmers, and small business owners across the state.
The scheme, launched on Friday, is expected to reach at least 5,000 beneficiaries. Each beneficiary will receive between N200,000 and N500,000, with a one-year repayment period and a one-month grace period.
Speaking at the event, Governor Okpebholo said: “I just wanted to be sure that this money will not go to the wrong hands. That is the essence of this gathering.”
He expressed concern that past loan programs rarely reached those they were meant for.
“With my past experience, whenever the Executive gives out loans, the money does not get to the grassroots,” he added.
The governor also said the initiative aligns with President Bola Tinubu’s national economic plans.
Okpebholo warned that the money must get to the actual beneficiaries and asked traders to report any failure to access it.
“If you do not get this, come back to me and report.”
Commissioner for Finance, Emmanuel Okoebor, said the loan would help businesses grow, especially in rural and semi-urban areas.
“It will boost the economy of our rural areas and semi-urban areas, create jobs, and reduce poverty,” he said.
He emphasised that the loan is interest-free.
“Before now, our mothers collected loans and paid 10% on N200,000. For this, there is no interest. You pay back what you borrowed,” he said.
The loan is structured as a micro-credit facility with a repayment plan that allows beneficiaries to reinvest before returning the funds.
Present at the launch include Deputy Governor, Dennis Idahosa, Speaker of the State House of Assembly, Sheriff Agbebaku, trade association representatives, market cooperatives, and community leaders from across the state’s three senatorial zones.