The Edo State House of Assembly on Tuesday gave Governor Monday Okpebholo the approval to access a N100 billion loan facility for infrastructural development.
DAILY POST reports that the House’s approval followed a letter of request dated June 23, 2025 and addressed to the Speaker of the House, Blessing Agbebaku by Governor Okpebholo.
The letter signed by the Secretary to the State Government, Umar Musa Ikhilor, said the loan facility would be sourced from First Bank of Nigeria Plc.
Alhaja Yahya Omoigba, the Clerk of the House, read the letter during plenary on Tuesday.
The letter was titled, ‘Request for Legislative Approval of the sum of N100 billion from the First Bank of Nigeria Plc for the provision of contractor finance facility for development of various infrastructural projects in Edo state’.
In the letter, Okpebholo said the loan facility would be channeled for the development of various infrastructural projects across the state.
Okpebholo opined that the approval would be geared towards the realization of his government’s five-point agenda, anchored on the SHINE development framework.
He said the loan would be disbursed to nominated contractors for the development of various infrastructural projects in Edo State.
He noted that the development of critical infrastructural projects are aimed at enhancing transportation, creating employment opportunities, improving the quality of life for citizens and boosting economic growth in the state.
The governor added that the decision to obtain the loan facility was taken at the State Executive Council meeting held on June 17, 2025, where it was resolved that all critical steps should be taken to facilitate the development of infrastructural projects in the state, with a view to realizing the objective of the 5-point agenda.
Another resolution was the approval of the sum of N100 billion as contractor loan facility from First Bank Plc to finance nominated contractors for the development of various infrastructural projects.
The governor said the purpose of the letter is to draw the House’s attention to the loan facility and also requested that the necessary approval be given by the lawmakers for the state government to go ahead and obtain the loan.
The letter read in part, “Request for Legislative Approval of the sum of N100 billion from the First Bank of Nigeria Plc for the provision of contractor finance facility for development of various infrastructural projects in Edo state.
“May I respectfully inform Mr Speaker that the Edo State Government desires to reposition Edo State through massive infrastructural upgrade and urban renewal in order to facilitate the realization of the five-point agenda anchored on SHINE Development Framework.
“May I also inform Mr Speaker that Edo State intends to obtain a contractor finance facility of one hundred billion naira from First Bank of Nigeria Plc which will be disbursed to nominated contractors for the development of various infrastructural projects in Edo State.
“The development of critical infrastructural projects are aimed at enhancing transportation, creating employment opportunities, improving the quality of life for citizens and boosting the economic growth in the State.
“Mr Speaker may wish to be further informed that at the EXCO meeting of the State duly conveyed and held on 17th June, 2025, the following resolutions were proposed and passed as approved by the Council.
“i. approved all critical steps taken to facilitate the development of infrastructural projects in the State with a view to realizing the objective of the 5-point agenda.
“ii. Approved the sum of N100 billion as contractor Loan Facility from First Bank Plc to finance nominated contractors for the development of various infrastructural projects in Edo state.
“The purpose of this letter therefore, is to draw your attention to the foregoing and to kindly and respectfully request that necessary approval be given by the Honourable House of Assembly for the State Government to go ahead and obtain the Contractor Loan Facility of N100 billion from First Bank Plc to finance nominated contractors for the development of various infrastructural projects in Edo state.”
