Economic hardship: Oyo govt disburses N340m loan to 1,227 farmers

As part of efforts to mitigate the economic hardship being experienced by residents of Oyo State, the state government will on Friday, February 9, 2024, commence the disbursement of N340,270,000 to another set of 1,227 farmers across the state.

The Oyo State Government would disburse the loan under the Sustainable Action for Economic Recovery (SAfER) initiative.

The disbursement, which would be done through the Agricultural Credit Corporation of Oyo State (ACCOS), is the fourth batch of loan disbursement under the SAfER initiative.

The ACCOS Chairman, Sheikh Taofeek Akeugbagold, stated this at a press conference in Ibadan, the Oyo State capital, on Wednesday, February 7, 2024.

Akeugbagold said the fourth batch of the loan disbursement would commence on Friday, February 9, across the seven geopolitical zones of the state through the participating microfinance banks.

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Applauding Oyo State 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 farmers under the SAfER intervention programme.

He added that the soft loan is 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.

Akeugbagold equally disclosed that the state government would 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-season.

Akeugbagold admonished the beneficiaries to judiciously utilise the loan support and ensure they repay the loan as and when due for others to benefit.

The Star