The Oyo State Government has approved additional funds for its agricultural loan schemes, aimed at assisting farmers with single-digit administrative charges.
This move is part of efforts to enhance agricultural productivity, ensure food security, and support farmers across the state.
Sheikh Taofeek Akeugbagold, the Chairman of the Agricultural Credit Corporation of Oyo State (ACCOS), made this announcement during a meeting with farmers at the ACCOS headquarters in Ibadan.
He noted that the extra funding would provide more opportunities for farmers to access affordable loans, helping them in areas like crop production, livestock farming, and agro-processing.
Akeugbagold explained that both new and existing beneficiaries who meet the necessary criteria will benefit from the scheme. He also mentioned the state’s commitment to reaching all 33 local government areas, ensuring that grassroots farmers are included in the initiative.
The ACCOS Chairman also highlighted the importance of timely loan repayment. He urged those who had benefited from the first phase of the program to honor their repayment commitments, as this would enable them to qualify for future loans. He warned that failure to repay could prevent others from receiving assistance and limit access to future funding.
“The Agricultural Credit Corporation was created to offer financial support to farmers at low-interest rates,” Akeugbagold said. “The goal is to increase food production, create jobs, and reduce rural poverty.”
Under the leadership of Governor Seyi Makinde, the program has empowered thousands of farmers, leading to higher yields and greater investment in agriculture. Akeugbagold assured that the loan distribution process would remain transparent and free of political or regional influence.
In his comments, Mr. Adeboje Samson, a farmer from Atisbo, thanked the state government and Governor Makinde for the support provided to farmers. He acknowledged that the agricultural loans and other resources had played a crucial role in improving his farm’s output and supporting his family. Adeboje also emphasized the importance of loan repayment, noting that it would allow farmers to access more resources to further expand their businesses.
