Governor Monday Okpebholo‘s administration has clearly articulated that although the Edo State House of Assembly has indeed approved a facility amounting to ₦100 billion, the Edo State Government is not securing a loan of ₦100 billion.
Instead, the Edo State Government is strategically acting as a guarantor for contractors engaged in essential infrastructural projects throughout the State.
This guarantee will enable them to obtain the necessary funding for project implementation from First Bank Plc.
In a statement signed and made available to the press on Wednesday, the Chief Press Secretary to Governor Okpebholo, Fred Itua, said this clarification is vital to rectify any misunderstandings stemming from reports that imply the Governor had directly secured approval to borrow the stated amount.
The arrangement is specifically a contractor loan facility aimed at providing selected contractors with direct access to capital for their projects, with the State’s guarantee supporting the financial transaction.
This innovative strategy is a conscious effort by Governor Okpebholo’s administration to expedite the development of critical infrastructure across Edo State.
Naija News understands that the funds, which will be allocated by First Bank Plc directly to the contractors based on their project requirements, have a duration of 40 months.
The statement noted that, “The Edo State Government is fully committed to fulfilling its guarantee obligations by ensuring timely payments to the bank as agreed, thereby guaranteeing the seamless and expeditious execution of these vital projects.
“Among the priority projects earmarked for execution under this funding mechanism are: Construction of a flyover bridge at Adesuwa Road; Construction of Evbhukhu-Sapele Road with surface and underground drainage system in Oredo LGA; Construction of Eguaolor-Iguomo-Uvbenisi-Oza Road with Spur to Ohe community in Uhunwonde LGA; Construction of Okpagha-Amufi Road with Spur to AG Bonze Street, Daddy J Road, and Michael Agbedon Street in Uhunwonde/Ikpoba Okha LGA; Construction of inter roads in Ogbeghe and Old Sapele Road, including associated hydrology structure in Benin City; Construction of Uhie Road off Sapele Road, Benin City; Construction of internal roads in Ugieda village, South Ibie, Etsako West LGA; Construction of a single carriage way of Ekpoma-Uromi-Ubiaja road in Esan, among others.
“This pragmatic and fiscally responsible model underscores Governor Okpebholo’s strong commitment to delivering on his mandate for infrastructural development, ensuring that contractors are well-resourced to complete projects efficiently, and ultimately improving the lives of Edo citizens.”
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