Oyo State Govt Approves Additional Loan For Farmers

The Oyo State Government has approved additional funds for disbursement under its single-digit administrative charges of agricultural loan schemes.

The Chairman, Agricultural Credit Corporation of Oyo State (ACCOS), Sheikh Taofeek Akeugbagold, disclosed this in an interactive session with a group of farmers at the corporation’s headquarters in Ibadan.

He said the additional loan is part of continued efforts to empower farmers, promote food security, and boost agricultural productivity across the state.

According to Sheikh Akeugbagold, the decision was to ensure that farmers have access to affordable financing to support crop cultivation, livestock production, agro-processing, and other agricultural ventures.

His words, “The Oyo State Government, through ACCOS, is providing more opportunities for farmers to access its agricultural loan and expand their operations.”

“This will contribute meaningfully to the state’s food system”, he added.

He explained that the scheme targets both existing beneficiaries and new applicants who meet the eligibility requirements.

Akeugbagold also emphasized that the government is determined to reach grassroots farmers in all 33 local government areas of the state.

While encouraging farmers to take full advantage of the new window of opportunity, Sheikh Akeugbagold reminded beneficiaries of the first phase of the scheme to fulfill their repayment obligations without delay.

“Loan repayment is essential to keeping this initiative alive. Those who repay will remain eligible for future financial support, while defaulting may limit access and affect others waiting to benefit,” he warned.

“The Agricultural Credit Corporation of Oyo State was established to offer financial support to farmers at a single-digit administrative rate, in a bid to increase food production, reduce rural poverty, and create employment”, he added.

“The Corporation has so far empowered thousands of farmers under the Makinde-led administration, leading to improved yields and increased farm investments across the state.”

Sheikh Akeugbagold reaffirmed that the corporation remains committed to a transparent and inclusive loan disbursement process, devoid of political or sectional bias.

Speaking on behalf of the farmers, Mr. Adeboje Samson from Atisbo expressed appreciation to Governor Seyi Makinde for the various support extended to farmers across the state.

He noted that the agricultural loan and other inputs he received significantly boosted his farm productivity and helped sustain his family.

Mr. Adeboje also encouraged other beneficiaries of the scheme to ensure timely repayment of the loans, emphasizing that prompt repayment would enable them to access more funding opportunities and further expand their farming operations.