Oyo Govt. Unveils 1 billion Loan Facility for Farmers

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.

Oyo begins disbursement of N1bn loan to farmers

Source: Punch

The Oyo State Government, on Wednesday, began the disbursement of N1 billion Agric Support Loan to farmers in the seven geopolitical zones of the state under the Sustainable Action for Economic Recovery. 

The State Commissioner for Agriculture and Rural Development, Olasunkanmi Olaleye, who presented the dummy cheques to the beneficiaries at the conference room of the ministry in Ibadan, the state capital, said the loan facility was strictly for farmers and that it is being issued strictly based on the merit of applications. Olaleye, who also doubles as the Chairman, SAfER Food Security Sub-Committee, noted that the agricultural loan support would reduce the cost of food and also sustain the economic recovery of the state. 

He added that qualified farmers will be able to access between N250,000 and N1 million based on the size of their farms, adding that the government had, under the food security component of SAfER, distributed farm inputs and maize grains to poultry farmers.