Hardship: Oyo To Disburse N340m Loan Support To 1,227 Farmers

As part of efforts to mitigate the economic hardship being experienced by residents, Oyo State government under the Sustainable Action for Economic Recovery (SAfER) initiative, is set to disburse a total of N340,270,000 to another set of 1,227 beneficiaries across the state.
The disbursement, which is to be done through Agricultural Credit Corporation of Oyo state, (ACCOS), was the fourth batch of loan disbursement under the SAfER Agric Support Initiative.
Chairman, Agricultural Credit Corporation of Oyo State (ACCOS), Sheikh Taofeek Akeugbagold who stated this at a press conference held in Ibadan, disclosed that the fourth batch of the loan disbursement would commence on Friday 9th of February, 2024 across the seven geopolitical zones of the state through the participating microfinance banks.

Applauding Governor Seyi Makinde for his innovative vision, the ACCOS chairman explained that the Oyo State government had earlier distributed N418,850,000 to about 1,407 legitimate farmers, who benefited under the SAfER intervention programme.
He added that the soft loan was strictly for farmers who lack the capacity to access credit from financial institutions due to stringent conditions, noting that this has culminated in the government providing SAfER loan support to improve their farm businesses and improve food production and also sustain the economic recovery of the state.

He assured farmers who were unable to benefit from the previous batches that they would be considered once they meet the necessary requirements, imploring fresh graduates, especially those trained by the state government under the Youth Entrepreneurship in Agribusiness Programme (YEAP), to apply for the loan.

He equally disclosed that the state will soon begin the GSM Food Bank under the corporation, which will procure, preserve and store farm produce during the harvesting period and sell to the public during the off-seasons.