Oyo State Sets Criteria For Disbursing ₦1B Loan To Farmers

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News in brief:
Oyo State is set to disburse loan of ₦1 billion to farmers in an aim to boost the state’s economy.
– Eligible applicants are registered farmers with a grade level 07 or above civil servant guarantor.

The Oyo State Agricultural Credit Corporation (ACCOS) has announced the criteria for disbursing a ₦1 billion loan to farmers in the state.

The loan initiative is part of the Sustainable Action for Economic Recovery (SAfER) program, which is aimed at boosting the state’s economy.

To be eligible for the loan, applicants must be duly registered farmers and must have a guarantor who is a civil servant from grade level 07 and above. Also, the loan will be disbursed through a single-digit interest rate.

ACCOS Chairman, Sheikh Taofik Akeugbagold, said that the loan is intended to help farmers improve their productivity. Thus, he urged them to take advantage of this opportunity and to use the funds responsibly.

ACCOS Field Officers and identified banks will be tasked to distribute the loans to participants in each domain. To partake, farmers should go to the office of the Director of Agriculture and collect application forms from their local government council representative.

Additionally, Akeugbagold stressed that the forms will not be available online. He also maintained that no official of the Board or the Ministry of Agriculture will liaise with residents via the Internet. This last part is a warning to prevent farmers from falling into the hands of bad actors impersonating officials.

Farmers who owe the Board, or the State Government are not be eligible for the loan.

Meantime, the Commissioner 3 of the Civil Service Commission, Chief Ogunjinmi, commended Governor Makinde for his leadership in the agricultural sector. He urged farmers to make the most of the loan opportunity.

The ACCOS General Manager, Comrade Emmanuel Ogundiran, added that the loan is proof of the government’s committment to ensuring that only genuine farmers benefit from the loan.

Joseph Akahome
Joseph Akahome
Joseph O Akahome (OJ) is a writer, with a Bachelor of Arts degree in English and Literature from the University of Benin. He is an avid agriculturist, with a bias for poultry and an insatiable appetite for chicken wings. When he is neither reading nor researching, he likes to spend recreational time playing board games, or swimming in serene forested lakes.


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