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The administration of Governor Monday Okpebholo has made it plain that even if the Edo State House of Assembly has approved a facility worth ₦100 billion, the Edo State Government is not obtaining a ₦100 billion loan.
Rather, the government of Edo State is intentionally serving as a guarantee for contractors working on vital infrastructure projects across the state.
With this assurance, they would be able to get First Bank Plc to provide the funds they need to carry out the project.
Fred Itua, Governor Okpebholo’s chief press secretary, said in a signed statement released to the media on Wednesday that this clarification is essential to clearing up any confusion resulting from rumors suggesting the Governor had obtained permission to borrow the specified sum directly.
With the State’s guarantee backing the financial transaction, the arrangement is precisely a contractor loan facility designed to give chosen contractors direct access to funds for their projects.
The administration of Governor Okpebholo is making a deliberate effort to accelerate the construction of vital infrastructure in Edo State with this creative approach.
It was understood that the cash would be distributed over a 40-month period by First Bank Plc straight to the contractors in accordance with their project needs. Smartphones C71
In order to ensure the smooth and quick completion of these crucial projects, the Edo State Government is completely committed to meeting its guarantee duties by making sure the bank gets paid on time as agreed.
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The following are some of the priority projects designated for implementation under this funding mechanism: building a flyover bridge at Adesuwa Road; building Evbhukhu-Sapele Road with surface and subterranean drainage systems in Oredo LGA; building Eguaolor-Iguomo-Uvbenisi-Oza Road with spur to Ohe community in Uhunwonde LGA; building Okpagha-Amufi Road with spur to AG Bonze Street, Daddy J Road, and Michael Agbedon Street in Uhunwonde/Ikpoba Okha LGA; Among other things, the construction of internal roads in Ugieda village, South Ibie, Etsako West LGA; the construction of a single carriageway of the Ekpoma-Uromi-Ubiaja road in Esan; the construction of Uhie Road off Sapele Road, Benin City; and the construction of interroads in Ogbeghe and Old Sapele Road, along with the related hydrology structure in Benin City.
“This practical and cost-effective model demonstrates Governor Okpebholo’s steadfast dedication to fulfilling his mandate for infrastructure development, guaranteeing that contractors have adequate resources to finish projects effectively, and ultimately enhancing the quality of life for Edo residents.”
