The Engineer ‘Seyi Makinde-led government in Oyo State, on Friday, approved additional funds for disbursement under its single-digit administrative charges of agricultural loan schemes.
The state Chairman of Agricultural Credit Corporation, Taofeek Akeugbagold, disclosed this in an interactive session with a group of farmers at the corporation’s headquarters in Ibadan.
Akeugbagold, in a statement by the state Commissioner for Information and Orientation, Dotun Oyelade, in Ibadan, the state capital, said the additional loan was part of continued efforts to empower farmers, promote food security, and boost agricultural productivity across the state.
He said the decision was to ensure that farmers have access to affordable financing to support crop cultivation, livestock production, agro-processing, and other agricultural ventures.
“The 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.
The chairman explained that the scheme targets both existing beneficiaries and new applicants who meet the eligibility requirements.
Akeugbagold also emphasised that the government was 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, the chairman reminded beneficiaries of the first phase of the scheme to fulfil 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.
He continued, “The Corporation 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.
“The corporation has so far empowered thousands of farmers under the Governor Seyi Makinde-led administration, leading to improved yields and increased farm investments across the state.”
He reaffirmed that the corporation remained committed to a transparent and inclusive loan disbursement process, devoid of political or sectional bias.
Speaking on behalf of the farmers, Adeboje Samson from Atisbo Local Government Area of the state expressed appreciation to 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.
Credit: punchng.com
