The Oyo State Government recently finalized a Memorandum of Understanding with financial institutions to facilitate the seamless disbursement of a N1 billion single-digit loan to farmers. This initiative falls under the Sustainable Action for Economic Recovery (SAfER) program, aimed at providing relief measures.
At the Agricultural Credit Corporation of Oyo State (ACCOS) Boardroom, Chairman Sheik Taofeeq Akeugbagold emphasized the need for expediting the loan disbursement to accredited farmers. He highlighted the government’s commitment to easing the challenges faced by farmers, especially post the fuel subsidy removal.
Akeugbagold urged the authorized financial institutions to expedite the disbursement process, assuring them that additional funds would be made available once the initial N1 billion loan was disbursed.
In a statement, the Corporation’s General Manager, Comrade Ogundiran Emmanuel, announced that the government had approved Officers of the Local Government Service and TESCOM Teachers to serve as guarantors for interested farmers, aiming to streamline the loan application process.
Expressing dedication, Mr. Hakeem Esho, Zonal Manager of the South West Bank of Agriculture, assured increased efforts in disbursing the loan. He urged other financial institutions to swiftly commence their disbursements.
The participating financial institutions involved in the disbursement include Bank of Agriculture Ibadan, Oyo, and Ìséyìn, Igbo-Ora Microfinance Bank, Onibuore Microfinance Bank, Randalpha MFB, Ifedapo MFB, and Igboora MFB.
