Oyo State government has expressed worries over the failure by beneficiaries of the 2024 N1 billion SAFER agricultural loan to repay.
The chairman of the Agricultural Credit Corporation of Oyo State (ACCOS), Sheikh Taofeek Akeugbagold disclosed this while announcing plans to commence the 2025 agricultural loan scheme with a single-digit interest rate for farmers.
He warned that the loans were guaranteed by civil servants, and if farmers failed to repay, deductions will be made from their guarantors’ salaries.
“Let me express my disappointment over the poor repayment rate among 2024 beneficiaries of the ₦1 billion SAFER loan. Defaulters will be barred from accessing the 2025 scheme”, he said.
Akeugbagold stated that preparations were underway for loan disbursement to enhance farmers’ productivity.
According to him, this is a reaffirmation of the Oyo State government’s commitment to food security.
He explained that the core mandate of his agency was to facilitate mobilisation of funds for the provision of agricultural loans at an affordable rate, and to ensure easy access to loan facilities to farmers.
The popular Islamic cleric urged all defaulting farmers to clear their outstanding debts immediately to be eligible for future loan opportunities, especially the forthcoming 2025 agricultural loan programme.
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