Gov. Bassey Otu of Cross River State has disbursed N250 million to 500 retirees under the Retiree Entrepreneurship Development Initiative (REDI).
During the ceremony held on Wednesday in Calabar, each beneficiary received N500,000 to launch micro or small-scale businesses aimed at turning senior citizens into active contributors to the state’s economy.
Represented by his deputy, Mr Peter Odey, the governor said the initiative reflects “an expanded reciprocity” for those who dedicated their prime years to public service. He added that REDI aligns with his “People First” agenda, which prioritizes human capital development and economic empowerment.
“This government recognises the value of our retirees and seeks to reintegrate them into productive life.
“The REDI programme offers both skills training and funding support to help them transition from public service to private enterprise.
“This disbursement marks the first phase of the programme, which will be replicated in the Central and Northern Senatorial Districts in the coming months,” the governor stated.
He assured beneficiaries of continued support, including access to soft loans for business expansion, through the state’s Microfinance and Enterprise Development Agency (MEDA).
He noted that he had prioritised pension payments ahead of other expenditures while significantly reducing the backlog of gratuity from 14 years to four years since assuming office.
Otu added that his administration was also working on the harmonisation of pensions, saying that he has signed into law the Cross River Senior Citizens Centre Bill.
He said that this would establish support facilities for retirees in Calabar, Ikom, and Ogoja.
On his part, Director General of MEDA, Mr Great Ogban, said that the REDI programme was a transformative component of the governor’s “People First” blueprint.
He recounted how in June, 500 retirees graduated from a specialised entrepreneurship training course, and just one month later, the promise of financial empowerment was fulfilled.
“This is more than money, it is the planting of seeds for economic revival, each retiree’s business will create jobs, strengthen local economies, and inspire community growth,” Ogban said.
He added that the next phase of the programme would target 1,000 additional retirees, 500 each from the central and northern senatorial districts of the state.
One of the beneficiaries, Ms Florence Oluohu, who spoke to journalists at the event, expressed deep appreciation to the governor for giving retirees a fresh opportunity for self-reliance.
“This is a new lease of life, many of us now have the resources and skills to start something meaningful; we ask that this programme be expanded to include more retirees who need such support,” she said.
