February 22, 2024
Oyo Disburses N1bn Loan To Farmers
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Oyo Disburses N1bn Loan To Farmers

The Oyo State Government has flagged off the disbursement of the N1 billion Agricultural support loan to farmers across seven geopolitical zones of the State under the Sustainable Action for Economic Recovery (SAfER) as part of effort to boost food production and agribusiness.

The State Government, through the Agricultural Credit Corporation of Oyo State yesterday held a symbolic presentation of cheques to beneficiaries and participating Microfinance Banks at the Ministry of Agriculture and Rural Development in Ibadan, the State Capital.

Presenting the dummy cheques to the beneficiaries, the state’s Commissioner for Agriculture and Rural Development, who also doubles as the Chairman, SAfER Food Security Sub-Committee, Olasunkanmi Olaleye, noted that the agric loan support would reduce the cost of food and also sustain the economic recovery of the State.

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He added that the loan facility is strictly for farmers and that it is being issued strictly based on the merit of applications, noting that the process will not be politicised.

He added that qualified farmers would be able to access between N250,000 and N1 million based on the size of their farms, adding that the State Government had, under the food security component of SAfER, distributed farm inputs and maize grains to poultry farmers.

The commissioner, who vowed that farmers in all the zones would continue to benefit from the State Government’s laudable empowerment programmes, appealed to the beneficiaries to judiciously utilise the loan support and ensure that they return it as and when due for others to benefit.

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