19.2 C
July 20, 2024

Oyo Releases Criteria for Farmers to Benefit from  N1bn Loan Facility 

In a bid to boost agriculture among farmers, Sheik Taofik Akeugbagold, Chairman of the Oyo State Agricultural Credit Corporation (ACCOS), has disclosed the criteria being used for the disbursement of the One Billion Naira agricultural loan to farmers. 

Speaking during a sensitization tour to the 7 geopolitical zones in the State which ended on Tuesday, Akeugbagold emphasized that to qualify for the N1b single-digit interest loan, which falls under the Sustainable Action for Economic Recovery (SAfER) sub-committee, applicants must meet the essential requirement of being duly recognized as legitimate farmers.

Speaking further, Akeugbagold underscored the corporation’s commitment to preventing loans from reaching mere ‘farmers on paper,’ ensuring that the intended beneficiaries truly benefit from this financial support.

“We are moving around the 7 zones of the State to sensitize farmers on the need and where to access the #1b loan under the SAfER Sub-committee of food security.

“The Forms would be out after the sensitization tour and they will be available for collection free of charge through the Directors of Agriculture in their various councils, the banks, and ACCOS. 

“However, please note that group lending would not be entertained”, he added.

Related posts

AfDB Pledges $25bn to Africa’s Climate Finance by 2050


UBA-AfCFTA $6bn Loan Partnership to Finance Agro-processing SMEs, Others


NHTUN Expresses Mixed Reactions to FG’s  Tax Holidays on  Importation of Food