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From Tony Osauzo, Benin
Governor Monday Okpebholo of Edo State, yesterday, officially launched a N1billion interest-free loan scheme for over 5, 000 farmers and small business owners across the state.
The governor described the scheme as a direct alignment with President Bola Tinubu’s Renewed Hope Agenda for national progress.
The initiative launched in Benin City on Friday, according to him, was designed to inject vitality into grassroots commerce.
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Okpebholo told the beneficiaries: “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.”
The governor, who explained the personal commitment behind the scheme, recalled his campaign promise to provide soft loans. He emphasised that the N1billion fund was the fulfilment of the pledge.
“I just wanted to be sure that this money would not go to the wrong hands. That is the essence of this gathering. With my past experience, whenever the executive gives out loans, the money does not get to the grassroots. If you do not get this, come back to me and report,” Okpebholo said. Commissioner for Finance, Emmanuel Okoebor, also stated the scheme would boost the economy of rural areas and semi-urban areas, create jobs, and reduce poverty in the state.
He said each of the 5,000 beneficiaries would receive N200,000, with a generous 12-month repayment period and a one-month moratorium.
