Okpebholo Kicks Off Disbursement of N1bn Interest-free Loans to Traders 

Adibe Emenyonu in Benin City 

Edo State Governor, Monday Okpebholo, has officially launched the disbursement of N1 billion interest-free loan scheme, a move he declared as a direct alignment with President Bola Ahmed Tinubu’s Renewed Hope Agenda for national progress. 

The initiative, he said is 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. 

Addressing a jubilant crowd of market men and women, yesterday, Okpebholo said this drew a powerful parallel between his administration’s vision and federal leadership, noting that the people should adhere to the 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 progress for our people.”

The governor underscored the personal commitment behind the scheme, recalling his campaign promise to provide soft loans. He emphasised 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,” Okpebholo noted.

The governor also issued a clear directive: “If you do not get this, come back to me and report.” He 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.

“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 stabilise.

“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.”