The Oyo State Government has announced plans to commence the 2025 agricultural loan scheme, offering farmers a single-digit interest rate to boost productivity.
Chairman of the Agricultural Credit Corporation of Oyo State (ACCOS), Sheik Taofeek Akeugbagold, disclosed this in a press statement in Ibadan, stating that preparations are underway for loan disbursement.
He emphasized that the initiative reaffirms the government’s commitment to food security.
“Our core mandate is to facilitate the mobilisation of funds for agricultural loans at an affordable rate and ensure easy access to loan facilities for farmers,” Akeugbagold stated.
However, he expressed concern over the poor repayment rate among beneficiaries of the 2024 loan scheme.
“Let me express my disappointment over the poor repayment rate among 2024 beneficiaries of the N1 billion SAFER loan. Defaulters will be barred from accessing the 2025 scheme,” he warned.
Akeugbagold further cautioned that the loans were guaranteed by civil servants, and if farmers fail to repay, deductions will be made from their guarantors’ salaries.
He urged all defaulting farmers to clear their outstanding debts immediately to remain eligible for future loan opportunities, particularly the upcoming 2025 agricultural loan programme.
