Edo State Governor Monday Okpebholo has begun disbursement of N1bn interest free loan to 5000 farmers and traders across the state.
Okpebholo said the loan disbursement was a direct alignment with President Bola Ahmed Tinubu’s Renewed Hope Agenda for national progress.
Okpebholo said the initiative was designed to inject vitality into grassroots commerce.
The Edo governor, who spoke while addessing beneficiaries, said the loan disbursement was in fulfillment of his electoral promises.
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.
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“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,” Governor Okpebholo noted.
Edo Commissioner for Finance, Emmanuel Ehidiamen Okoebor, said the loan would “boost the economy of our rural areas and semi-urban areas, create jobs, and reduce poverty.”
The beneficiaries will receive N200,000, with a 12-month repayment period and a one-month moratorium.