Otu Flags off Economic Rebirth for 500 Retirees with N250m Lifeline

Bassey Inyang in Calabar

Cross River State Governor, Senator Bassey Edet Otu, has said his administration remains committed to inclusive economic development, and social justice with the official launch, and disbursement of N250 million in grants to 500 retirees under the Retiree Entrepreneurship Development Initiative (REDI).

Otu, who was represented at the event by his Deputy, Rt. Hon. Peter Odey, made the declaration during the REDI grant disbursement ceremony held in Calabar yesterday.

The governor, who announced N500,000 grant for each of the beneficiaries to start micro or small-scale businesses, said the initiative marks a bold step in repositioning senior citizens as active contributors to the state economy.

Describing the initiative as “expanded reciprocity” for those who committed their prime years to public service, Otu said REDI was part of his broader vision to promote human capital development and economic empowerment under the ‘People First’ agenda.

“This government recognises the value of our retirees and seeks to reintegrate them into productive life.” 

“The REDI programme offers both skills training and funding support to help them transition from public service to private enterprise.”

The governor said that the disbursement marked the first phase of the programme, which will be replicated in the Central and Northern senatorial districts in the coming months.

Otu also assured beneficiaries of continued support through the state Microfinance and Enterprise Development Agency (MEDA), including access to soft loans for business expansion.

The governor said since he assumed office as governor, he has prioritised pension payments ahead of other expenditures, while significantly reducing the backlog of gratuities from 14 years to just 4 years.

He said his administration is also working on the harmonisation of pensions and has signed into law, the Cross River State Senior Citizens Centre Bill, which will establish care and support facilities for retirees in Calabar, Ikom, and Ogoja.

“My administration is for everyone, especially the vulnerable. With your support and prayers, we will continue to build a healthy, prosperous state which our children will be proud to inherit,” he said.

The Director-General of MEDA, Mr. Great Ogban, described the REDI programme as a transformative component of the governor’s ‘People First’ blueprint.

He recounted that in June this year, 500 retirees graduated from a specialised entrepreneurship training course, and just one month later, the promise of financially empowering them has been fulfilled.

“This is more than money. It is the planting of seeds for economic revival. Each retiree’s business will create jobs, strengthen local economies, and inspire community growth,” Ogban said.

They noted that the REDI programme redefines retirement as a stage for renewal, not redundancy.

With this pioneering effort, Otu’s administration has sent a clear message that the dignity and contribution of every citizen, past or present, matter in the rebuilding of Cross River State.