The Oyo State Government has approved an additional disbursement of funds under its agricultural loan scheme, designed to support farmers through single-digit administrative charges.
This initiative is part of ongoing efforts to enhance food production, support rural livelihoods, and strengthen the state’s agricultural economy.
Chairman of the Agricultural Credit Corporation of Oyo State (ACCOS), Sheikh Taofeek Akeugbagold, announced the development during an interactive session with a group of farmers at the corporation’s headquarters in Ibadan.
According to Akeugbagold, the government’s decision to expand the loan scheme reflects its commitment to empowering both existing and prospective farmers engaged in crop cultivation, livestock farming, agro-processing, and other agribusiness activities.
He noted that the scheme is structured to provide affordable financing solutions that address the challenges faced by farmers in accessing credit.
“The Oyo State Government, through ACCOS, is widening access to agricultural loans to help farmers grow their operations and contribute more meaningfully to the state’s food system,” Akeugbagold stated. He added that the new phase of the loan scheme is open to both previous beneficiaries and qualified new applicants.
He emphasized that the corporation is committed to ensuring that grassroots farmers across all 33 local government areas of the state benefit from the initiative, thereby promoting inclusivity and broad-based agricultural development.
Highlighting the importance of responsible loan management, Akeugbagold urged beneficiaries, especially those from the first phase of the program, to fulfill their repayment obligations promptly.
“Timely repayment is crucial to sustaining this initiative. Farmers who repay on time remain eligible for future support, while those who default risk losing access and potentially jeopardizing opportunities for others,” he warned.
The chairman also reaffirmed ACCOS’s dedication to maintaining a transparent and unbiased loan disbursement process, free from political or sectional favoritism. He noted that under the administration of Governor Seyi Makinde, thousands of farmers have already benefitted from the scheme, resulting in higher yields and increased investment in agriculture across the state.
“The Agricultural Credit Corporation of Oyo State was established to provide financial assistance to farmers at affordable rates, aimed at reducing rural poverty, creating jobs, and strengthening food security,” he added.
Speaking on behalf of the beneficiaries, Mr. Adeboje Samson from Atisbo Local Government Area commended Governor Makinde for his continued support of the farming community. He shared how the agricultural loan and inputs he received significantly improved his farm’s output and contributed to the well-being of his family.
Adeboje also encouraged fellow beneficiaries to repay their loans on time, stressing that doing so would not only secure their access to further financial assistance but also help expand opportunities for other farmers across the state.