Okpebholo Launches N1bn Interest-free Loan Scheme For Edo Farmers, Traders

Edo State Governor, Senator Monday Okpebholo, on Friday, launched a N1 billion interest-free loan scheme for farmers and business owners in the state.

Okpebholo said the move was in direct alignment with President Bola Tinubu’s Renewed Hope Agenda for national progress.

The initiative, designed to inject vitality into grassroots commerce, promises to be a beacon of hope for over 5,000 farmers and small business owners across the state.

Governor Okpebholo, addressing a jubilant crowd of market women and men, in Benin, the state capital, said, “There is an adage, ‘follow who know road.’ That is why we decided to follow the footsteps of our President, Bola Ahmed Tinubu.”

According to him, “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 to Edo residents.

The governor further emphasised that the N1 billion fund was the fulfillment of that pledge.

“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.

A total of 5,000 beneficiaries are expected to benefit from the loan across the state.

Governor Okpebholo however charged intended beneficiaries, “If you do not get this, come back to me and report.”

He also revealed that this initial rollout was a pilot, stressing that its success will pave the way for future replications of the scheme.

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

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.”

He lauded Governor Okpebholo’s achievements in his relatively short tenure, noting that “he has built flying over, hospitals, schools, employed teachers, increased subvention for our universities to be better than what it was before.”

Crucially, he explained that the zero-interest opportunity sets the loan apart. “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 12-month repayment period and one-month moratorium for businesses to stabilise before repayment begins.