News in brief:
- The Oyo State Government has initiated disbursement of a â¦1 billion loan program aimed at supporting farmers across its seven geopolitical zones to boost food production and stimulate the state’s economy.
– Eligible farmers access loans ranging from â¦250,000 to â¦1 million, distributed through participating financial institutions.
Oyo State Government has begun the disbursement of a â¦1 billion loan facility to farmers across the state’s seven geopolitical zones in a bid to boost food production, while supporting the state’s economy. This loan initiative is part of the Sustainable Action for Economic Recovery (SAfER) program.
In a statement by the State Commissioner for Agriculture and Rural Development, Olasunkanmi Olaleye, he revealed details about the loan during a presentation of dummy cheques to beneficiaries at the ministry’s conference room in Ibadan.
Olaleye emphasised that the loan is strictly for farmers and said that it will be granted based on merit in the selection of applications. He stated that the loan is designed to reduce food costs and further contribute to the state’s economic recovery.
Furthermore, eligible farmers can access between â¦250,000 and â¦1 million. However, this will depend on the size of their farm operations, according to the commissioner. The loan will be distributed through participating financial institutions.
Additionally, under the SAfER Food Security Program, the government has distributed farm inputs and maize grains to poultry farmers. Olaleye disclosed that the governor (Seyi Makinde) launched the program to alleviate that the hardship the people faced following the removal of fuel subsidies.
He further stated that the government had provided buses at subsidised rates for the benefit of citizens as transport is a component of the initiative.
Olaleye elaborated on the various components of the SAfER Food Security Program like the distribution of farm inputs to 10,000 farmers. They have also disbursed over â¦1 billion in agricultural loans, which is divided into three categories: â¦500 million for small-holder farmers and â¦500 million for youth and young agripreneurs. Small-scale enterprises consist of beneficiaries of a further â¦500 million.
Overall, different stakeholders are of the opinion that the initiative by the Oyo State government demonstrates its commitment to supporting the agricultural sector. This is in addition to ensuring food security for its citizens. They agree that the â¦1 billion loan and other food security measures will help in reducing food costs, which they believe is vital in contributing to the state’s economic revival.
