By NEFISHETU YAKUBU

Gov. Monday Okpebholo of Edo on Friday inaugurated a N1billion interest-free loan scheme in Benin, targeting farmers and traders across the state.

Okpebholo said that the initiative would support over 5,000 beneficiaries.

He said that it was designed to stimulate local businesses and empower small-scale entrepreneurs with access to critical working capital.

He described the move as a personal fulfillment of his campaign promise, with built-in safeguards to ensure funds reached genuine grassroots recipients.

“I wanted to ensure this money reaches the right people. That’s the reason for today’s gathering,” he said.

Okpebholo noted the past failures of government loans schemes, stressing his determination to avoid similar pitfalls through strict oversight and transparent implementation.

He urged anyone excluded to report directly to him, describing the rollout as a pilot for future schemes.

The state Finance Commissioner, Mr Emmanuel Okoebor, said the initiative would boost rural economies, generate employment, and lift many residents out of poverty.

Okoebor lauded Okpebholo’s quick achievements, citing infrastructure, education reforms, and employment programmes already realised within the governor’s short time in office.

“This time, you repay exactly what you borrowed, no interest attached,” he said

The commissioner said that each beneficiary would receive between N200,000 and N500,000 repayable over 12 months, including a one-month moratorium to allow businesses to recover and stabilise. (NAN)