On Tuesday, the Edo State House of Assembly granted Governor Monday Okpebholo approval to secure a loan facility worth N100 billion for infrastructural development.
Reports indicate that the House's approval came after receiving a request letter from Governor Okpebholo, dated June 23, 2025. The letter was addressed to Blessing Agbebaku, the Speaker of the House.
The letter, signed by Secretary to the State Government Umar Musa Ikhilor, stated that the loan facility would be obtained from First Bank of Nigeria Plc.
During Tuesday's plenary session, the letter was read by Alhaja Yahya Omoigba, the Clerk of the House.
The letter was entitled, "Application for Legislative Approval of N100 Billion from First Bank of Nigeria Plc to Fund Contractor Finance Facility for Various Infrastructure Projects in Edo State."
In the letter, Okpebholo stated that the loan facility would be directed towards developing various infrastructure projects throughout the state.
Okpebholo expressed that the approval would support the achievement of his administration's five-point agenda, which is based on the SHINE development framework.
He mentioned that the loan would be distributed to selected contractors for advancing various infrastructure projects in Edo State.
He observed that the aim of developing key infrastructure projects is to enhance transportation, create job opportunities, improve citizens' quality of life, and stimulate economic growth in the state.
The governor mentioned that the decision to secure the loan facility was made during the State Executive Council meeting on June 17, 2025. During this meeting, it was decided that all necessary steps should be taken to advance infrastructural projects in order to achieve the goals outlined in their 5-point agenda.
Another decision was to approve a N100 billion contractor loan facility from First Bank Plc, intended to finance selected contractors for the development of various infrastructure projects.
The governor stated that the letter aims to bring the loan facility to the House's attention and requested that lawmakers grant the necessary approval for the state government to proceed with obtaining the loan.
The letter included a section stating, "We are requesting legislative approval for the amount of N100 billion from First Bank of Nigeria Plc to provide contractor financing facilities for various infrastructure projects in Edo state."
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