Oyo Government Set To Disburse N340m Loan Support To More Farmers

As part of efforts to mitigate the economic hardship being experienced by residents, the Oyo State Government, under the Sustainable Action for Economic Recovery (SAfER) initiative, is set to disburse a total of N340,270,000 to another set of 1,227 farmers across the state.

The disbursement, which is to be done through the Agricultural Credit Corporation of Oyo State (ACCOS), is the fourth batch of loan disbursement under the SAfER Agric Support Initiative.

The Chairman of ACCOS, Sheikh Taofeek Akeugbagold, stated this at a Press Conference held at the Briefing Room of the Governor’s Office, Secretariat, Agodi, Ibadan, hinting that the fourth batch of the loan disbursement would commence on Friday, 9th February, 2024, across the seven geopolitical zones of the state, through the participating microfinance banks.

Applauding Governor Seyi Makinde for his innovative vision, Akeugbagold explained that the Oyo State Government had earlier distributed N416,850,000 to about 1,407 legitimate farmers, who benefited under the SAfER intervention programme, so as to improve their farm businesses, improve food production and sustain the economic recovery of the state.

He said: “Governor Makinde is fully aware that the small holder farmers bear the burden of feeding the teeming population and they account for about 90 percent of the farmers population, most of whom lack capacity to access credit from financial institutions due to stringent conditions. Upon this realisation, the government came up with the SAfER Agric Support Loan that can be accessed by farmers with a view to improving their farms.”

The Chairman assured farmers who were unable to benefit from the previous batches that they would be considered once they meet the necessary requirements, imploring fresh graduates, especially those trained by the state government under the Youth Entrepreneurship in Agribusiness Programme (YEAP), to apply for the loan.

He disclosed that the state will soon begin the GSM Food Bank, under the corporation, which will procure, preserve and store farm produce during harvesting period and sell to the public during off-seasons, admonishing the beneficiaries to judiciously utilise the loan support and ensure they repay the loan as and when due for others to benefit.

Akeugbagold reiterated the fact that disbursement has taken place and is still ongoing as quite a number of farmers have benefited and some will still benefit under the intervention programme, disclosing that the fourth batch has already been considered.

He said: “In this 4th batch, the breakdown is as follows: Ibadan Zone I to be undertaken by Bank of Agriculture, Ibadan, N75.9 million for 269 beneficiaries; Ibadan Zone II to be handled by Onibuore Microfinance Bank, N132.2 million for 474 beneficiaries; Oyo Zone to be handled by the Bank of Agriculture, N24.50m for 87 beneficiaries.

“In Oke-Ogun Zone II, Ifedapo Microfinance Bank will disburse N26.2 million to 93 beneficiaries, while Oke-Ogun Zone II to be handled by Bank of Agriculture, Iseyin, will disburse N13.4 to 53 beneficiaries. In Ogbomoso, Randalpha Microfinance Bank will disburse N44.2 million to 159 beneficiaries, while in Ibarapa Zone, Igboora Microfinance Bank will disburse N23.6 million to 92 beneficiaries,” the Chairman stated.

Earlier in his welcome address, the General Manager, ACCOS, Comrade Emmanuel Ogundiran, also lauded Governor Makinde over the loan support, stating that the loan attracts a low interest of 8 percent, a development he said would fast-track agricultural development in the state.

He concluded that in all, N340.2 million will be disbursed to 1,227 beneficiaries across the seven zones of the state by Friday, 9th February, 2024.

Oyenike Oyeniyi