The Oyo State Government has approved additional funds for disbursement under its single-digit administrative charges of agricultural loan schemes.
Chairman of Agricultural Credit Corporation of Oyo State (ACCOS), Sheikh Taofeek Akeugbagold, announced this in an interactive session with a group of farmers at the corporation’s office in Ibadan.
Akeugbagold said the additional loan was part of continued efforts to empower farmers, promote food security, and boost agricultural productivity across the state.
According to him, 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”, Akeugbagold added.
He explained that the scheme targets both existing beneficiaries and new applicants who meet the eligibility requirements.
Akeugbagold also emphasised that 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, 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.
He added that 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.
Akeugbagold reaffirmed the commitment of the corporation 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 local government area expressed appreciation to Governor Makinde for various support extended to the farmers.
He noted that the agricultural loan and other inputs he received, significantly boosted his farm productivity and helped sustain his family.
Adeboje also encouraged other beneficiaries of the scheme to ensure timely repayment of the loans, emphasising that prompt repayment would enable them to access more funding opportunities and further expand their farming operations.
