The Oyo State House of Assembly has approved the request of Governor Seyi Makinde to access a N2billion loan facility from the Central Bank of Nigeria (CBN), through Fidelity Bank, for the implementation of the Anchor Borrowers Programme.
The request was contained in a letter forwarded to the lawmakers by the Governor and read by the Speaker, Hon. Adebo Ogundoyin, on Tuesday.
The loan facility, according to the Governor, is being sought for the Oyo State Ministry of Agriculture and Rural Development, and is part of the plan of the State government to develop the agricultural sector.
Governor Makinde, in the letter, hinted that the proposed loan facility would be used to fund cluster farming for maize, cassava, rice and tomatoes, while about six thousand youths are expected to participate in the Anchor Borrowers Programme.
The letter reads in part: “The participants will be categorized under microenterprise of the State agricultural programme with the expectation that they will develop into small and medium enterprises in synergy with the Oyo State Agricultural Development Agency (OYSADA).”
While commenting on the request, the Deputy Speaker, Mr Muhammad Fadeyi alongside other lawmakers, agreed that the Anchor Borrowers Programme, if well implemented, would assist in engaging the youths across the State and ultimately assist in reducing the high level of unemployment in the country.
In his remarks, Speaker Ogundoyin noted that the Anchor Borrowers Programme was coming at the right time, adding that many youths who are interested in agriculture do not have the financial wherewithal to go into full practice.
He commended the resolve of Governor Makinde to improve the agriculture sector as well as encourage youth participation in farming and agriculture-related activities.
The House thereafter directed its committees on Agriculture and Natural Resources as well as Public Account, Finance and Appropriation, to perform thorough oversight functions in order to ensure full implementation of the Anchor Borrowers Programme so as to achieve the desired results.
Emmanuel Ukoh
