The Edo State Government has clarified that it is not securing a N100 billion loan, but rather guaranteeing a contractor credit facility to fast-track critical infrastructure development across the state.
According to the Chief Press Secretary to Governor Monday Okpebholo, Fred Itua, the State House of Assembly’s approval was for a contractor loan scheme—facilitated through First Bank Plc which allows contractors to access funds for designated projects, with the state acting strictly as a guarantor.
“This clarification is crucial to correct any misconception arising from reports suggesting that the Governor had directly obtained an approval to borrow the aforementioned sum,” Itua stated.
The facility, with a 40-month tenure, will fund projects including the construction of a flyover at Adesuwa Road; the Evbhukhu-Sapele Road in Oredo LGA; internal roads in South Ibie, Etsako West; and the Ekpoma-Uromi-Ubiaja road in Esan, among others.
Governor Okpebholo’s administration described the model as a fiscally responsible approach aimed at empowering contractors to deliver quality infrastructure efficiently, while ensuring state-backed financial integrity throughout the execution process.