Benin: Gov. Monday Okpebholo of Edo inaugurated a N1 billion interest-free loan scheme in Benin, targeting farmers and traders across the state. Okpebholo stated that the initiative would support over 5,000 beneficiaries, aiming to stimulate local businesses and empower small-scale entrepreneurs with access to critical working capital. He emphasized the scheme as a fulfillment of his campaign promise, with safeguards to ensure funds reached genuine grassroots recipients.

According to News Agency of Nigeria, Okpebholo highlighted past failures of government loan schemes and stressed his commitment to avoid similar pitfalls through strict oversight and transparent implementation. He encouraged those excluded from the scheme to report directly to him, describing this initiative as a pilot for future projects.

The state's Finance Commissioner, Mr. Emmanuel Okoebor, stated that the initiative would boost rural economies, generate employment, and lift many residents out of poverty. Okoebor praised Okpebholo's achievements in infrastructure, education reforms, and employment programmes during his short tenure. He explained that each beneficiary would receive between N200,000 and N500,000, repayable over 12 months, with a one-month moratorium to allow businesses time to recover and stabilize.