Provision Of Timely Credit To Farmers At Single Digit Interest Rate

Source: Inside Oyo

The Oyo State Government has provided N1Billion Loan Facility to the Oyo State Agricultural Credit corporation for farmers across the state. The single digit interest loan facility would ensure more access at reasonable interest rates for farmers to expand their business and attract potential investors into the farming value chain. 

The Executive Chairman, Oyo State Agricultural Credit corporation, Alh. Taofeek Akeugbagold revealed at a State event, that the present administration was committed to reforming the farming sector with notable programmes like the Sustainable Action for Economic Recovery (SAfER), among others. He said this will ensure food security and cushion the effect of removal of fuel subsidy, by the federal government. 

He further explained that the loan facility will focus on the small holder farmers, who bear the burden of feeding the teeming population. “His Excellency, the Governor of Oyo State, Engr. Seyi Makinde has graciously approved the release of One (1) Billion Naira under the Sustainable Actions for Economic Recovery (SAFER) Programme which is to be disbursed to the Farmers in all the Thirty-three (33) Local Government Areas of the State so as to improve food security in the State”, he said. 

Akeugbagold said to access the loan, which will be disbursed and recouped by microfinance banks across the seven geopolitical zones in the state, each benefitting farmer must bring a guarantor, who is a civil servant on Grade level 7 and above.