Edo State Governor, Monday Okpebholo, has dismissed reports suggesting his administration is securing a N100 billion loan, clarifying that the state is not borrowing the funds for its own use but merely acting as a guarantor for contractors handling critical infrastructure projects.
The governor made this known in a statement issued on Wednesday by his Chief Press Secretary, Fred Itua. He explained that the N100 billion facility, which received the nod of the Edo State House of Assembly, is a contractor loan arrangement designed to empower selected project contractors through access to funding from First Bank Plc.
“This arrangement is specifically a contractor loan facility designed to empower nominated contractors with direct access to capital for their projects, with the state’s guarantee underpinning the financial transaction,” the statement read.
Governor Okpebholo emphasized that the model is an innovative and fiscally responsible approach aimed at fast-tracking infrastructure development across the state. Under the plan, funds will be disbursed directly to contractors by First Bank, based on specific project needs, and over a loan tenure of 40 months.
He assured that the state government remains committed to meeting its guarantee obligations, ensuring timely payments to the bank, and facilitating the smooth execution of essential projects.
“This pragmatic model underscores Governor Okpebholo’s strong commitment to delivering on his infrastructural mandate, ensuring contractors are well-resourced to complete projects efficiently, and ultimately improving the lives of Edo citizens,” the statement added.
The governor reiterated that contrary to misconceptions, he has not personally received approval for any loan and urged the public to focus on the developmental impact of the initiative.
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