Oyo govt begins disbursement of N340.27m loan to crop farmers, others

The Oyo State Government will on Friday begin disbursement of N340.270 million loan to 1,227 beneficiaries across the state.

The disbursement under the Sustainable Action for Economic Recovery (SAfER), an initiative to cushion the effect of the petrol subsidy removal on citizens, will see crop farmers as major beneficiaries.

Chairman, Agricultural Credit Corporation of Oyo State (ACCOS), Sheik Taofeek Akewugbagold, made this known while addressing journalists at the Oyo governor’s office, state Secretariat, Ibadan, on Thursday.

The disbursement of the loans is to be undertaken by the Bank of Agriculture (BoI), Ibadan and microfinance banks across the state.

While the Ibadan zone has 743 beneficiaries, the Oyo zone has 87 beneficiaries, Oke-Ogun has 146 beneficiaries, Ogbomoso has 159 beneficiaries and Ibarapa 92 beneficiaries.

Akewugbagold explained that for the loan, the state targeted small holder farmers who bear the burden of feeding the population, most of whom lack the capacity to access credit from financial institutions due to stringent conditions.

He said the microfinance banks and BOI had the duty to monitor and recoup the funds for the government, adding that as part of ensuring return of the fund, civil servants are guarantors for the loanees.

Akewugbagold said the disbursement of N340.27 million to 1227 beneficiaries was the fourth batch coming just after N416.850 million disbursed to 1,407 farmers.

He assured that the real farmers that missed out from previous batches will be considered, as he implored fresh graduates who are interested in agricultural practices and youths trained under its YEAP to come forth and access funds from the corporation.