The Oyo State Government recently launched the disbursement of a N1 billion Agric Support Loan to farmers across its seven geopolitical zones under the Sustainable Action for Economic Recovery (SAfER).
The symbolic presentation of cheques took place at the Ministry of Agriculture and Rural Development, emphasizing the loan’s dual purpose: reducing food costs and supporting the state’s economic recovery.
Commissioner Olasunkanmi Olaleye, who also chairs the SAfER Food Security Sub-Committee, presented dummy cheques to beneficiaries and participating Microfinance Banks during the event.
He underscored the non-politicized nature of the merit-based selection process, assuring that the loan facility is exclusively for farmers.
Eligible farmers, based on merit, can access amounts ranging from N250,000 to N1 million, depending on the size of their farms.
Highlighting the broader SAfER initiative, the commissioner mentioned the distribution of farm inputs and maize grains to poultry farmers under the food security component.
He expressed the government’s commitment to empowering farmers across all zones and urged beneficiaries to judiciously use the loan support, emphasizing the importance of timely repayment to benefit others.
Sheik Taofeek Akeugbagold, Chairman of the Agricultural Credit Corporation of Oyo State (ACCOS), provided a welcome address, noting that the loan disbursement would cover various agriculture sectors such as crop, fishery, livestock, and piggery.
He encouraged beneficiaries to view the support as a revolving fund, contributing to sustained food security in the state.
Comrade Emmanuel Ogundiran, General Manager of ACCOS, assured the transparency, fairness, and non-partisanship of the beneficiary selection process. He affirmed that legitimate farmers in the state are benefitting from the initiative.
During the event, Mr. Ajayi Lateef Kayode, a beneficiary from Ogbomoso, expressed gratitude on behalf of recipients.
He promised responsible utilization of the loan for business purposes and committed to timely repayment to enable others to benefit from the program.
This initiative aligns with the state’s broader efforts to address economic challenges and enhance food security, reflecting the government’s commitment to supporting agriculture and empowering local farmers.
