Governor Monday Okpebholo of Edo State has clarified that his administration is not borrowing a N100bn loan from any bank.

According to the governor, the N100bn facility approved by the Edo State House of Assembly is for his administration to act as a guarantor for contractors.

Okpebholo clarified this in a statement on Wednesday through his Chief Press Secretary, Fred Itua, explaining that the guarantee would allow contractors to obtain necessary funding for project completion from First Bank Plc.

He said he decided to correct the misconceptions that suggested he had personally received approval for the loan.

The statement read, “The 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.

“This innovative approach is a deliberate move by Governor Okpebholo’s administration to accelerate the development of key infrastructure across Edo State. The funds, which will be disbursed by First Bank Plc directly to the contractors based on their project demands, have a tenure of 40 months.

“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.

“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.”

Vanguard News