Oyo Assembly gives Makinde nod to access N2 billion loan facility

The Oyo State House of Assembly, on Tuesday, approved the request of Governor Seyi Makinde to access N2 billion naira loan facility from the Central Bank of Nigeria (CBN).

The loan facility will be accessed from the CBN, through Fidelity Bank for implementation of the Anchor Borrowers Program.

The loan facility, according to the letter, is being sought for the Oyo State Ministry of Agriculture and Rural Development, and it is part of the plan of the state government desire to develop the agricultural sector.

Makinde, in the letter, hinted that the loan facility will be used to fund cluster farming for maize, cassava, rice and tomatoes while about 6,000 youths are expected to participate in the Anchor Borrowers Program.

The letter added that the participants will be categorized under microenterprise of the state agricultural program with the expectation that they will develop into small and medium enterprises in synergy with the Oyo State Agricultural Development Agency (OYSADA).

While commenting on the request, the Deputy Speaker, Honourable Muhammad Fadeyi and other lawmakers held that the Anchor Borrowers Program, if well implemented, will ultimately assist in reducing the high level of unemployment in the country.

Speaker of the Assembly, Honourable Adebo Ogundoyin noted that the Anchor Borrowers Program noted the request was apt because several youths who are interested in agriculture do not have the financial wherewithal to go into full practice.

Ogundoyin commended the resolve of Governor Makinde to improve the agriculture sector as well as encourage youth participation in farming and agricultural related activities.

The Assembly thereafter directed its Committees on Agriculture and Natural Resources as well as Public Account, Finance and Appropriation to perform thorough oversight functions in order to ensure full implementation of the Anchor Borrowers Program.

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Oyo Assembly gives Makinde nod to access N2 billion loan facility

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