Oyo state gives farmers 1b loan

Oyo state gives farmers 1b loan

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Oyo state gives farmers 1b loan

Oyo state governor

Oyo state gives farmers 1b loan. The Oyo State Government launched the disbursement of N1 billion Agric Support Loan to farmers in the state’s seven geopolitical zones on Wednesday as part of the Sustainable Action for Economic Recovery.

The State Commissioner for Agriculture and Rural Development, Olasunkanmi Olaleye, who presented the dummy cheques to the beneficiaries at the ministry’s conference room in Ibadan, the state capital, said the loan facility was strictly for farmers and was awarded solely on the basis of merit.

Olaleye, who also serves as the Chairman of the SAfER Food Security Sub-Committee, stated that agricultural loan support will lower food prices while also sustaining the state’s economic recovery.

He stated that qualified farmers will be able to access between N250,000 and N1 million depending on the size of their farms, and that the government had allocated farm inputs and maize grains to poultry farmers through the food security component of SAfER.

“We are all aware that the governor launched the SAfER some time ago,” added the commissioner. Food security is one of the various components of the program, which aims to alleviate people’s misery following the termination of fuel subsidies.

“We also have other components, such as transportation support, in which the government has provided buses at reduced costs to our people.”

“In terms of food security, the governor approved N1 billion as a loan facility for farmers in the state, 500 million for small-holder farmers, N500 million for youths and young agripreneurs, and another 500 million for micro and small scale enterprises.”

“As part of food security measures, the governor has approved that inputs be given to 10,000 farmers and, as I speak to you, more than 1,450 poultry farmers have benefited from free maize grains to sustain their businesses.”

“The government has given eight bags of 50kg each to approximately 1,400 farmers, and we have not stopped,” he added. When that is completed, we will move on to the fish growers.

“Over 1,000 fish farmers will benefit in the coming days, and then we’ll move on to cattle breeders, piggery owners, and so on.”

“Today, we begin the distribution of agric loans to farmers who have applied for them through the Agric Credit Corporations.” Several financial institutions are present, and the loans will be disbursed to farmers around the state through them.”

Earlier, Taofeek Akeugbagold, the state Chairman of the Agricultural Credit Corporation, stated that the exercise, which would be carried out in stages and would cover all areas of agriculture such as crop, fishery, livestock, and piggery, among others, had been captured and well-integrated under the food security component of the SAfER programme.

Emmanuel Ogundiran, General Manager of ACCOS, also spoke, explaining that the process of picking recipients was transparent, fair, and non-partisan, and that legitimate farmers in the state are benefiting.

Ajayi Kayode of Ogbomoso, one of the loan recipients, stated, “On behalf of other beneficiaries and myself, I thank the governor.” We guarantee that this loan will be used solely for business purposes, and that we will repay it so that others may benefit.

The government presented the cheques to the recipients in the presence of participating Microfinance Banks through the state’s Agricultural Credit Corporation.

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