* Oyo State governor, Seyi Makinde (left), presenting a gift to Consul General, Kingdom of the Netherlands, Michel Deelen, during a courtesy visit to the governor at his private residence, Ibadan, on Friday.
By Ibidapo Olowolayemo, Ibadan
Sunday March 30, 2025
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Oyo State government has announced plans to commence the 2025 agricultural loan scheme with a single-digit interest rate for farmers.
Chairman of the Agricultural Credit Corporation of Oyo State (ACCOS), Sheik Taofeek Akeugbagold, disclosed this through a press statement in Ibadan at the weekend.
He stated that preparations were underway for loan disbursement to enhance farmers’ productivity.
Akeugbagold said this was a reaffirmation of the state government’s commitment to food security, explaining that the core mandate of his agency was to facilitate the mobilization of funds for the provision of agricultural loans at an affordable rate and to ensure easy access to loan facilities to farmers.
However, Akeugbagold expressed concern about some defaulting beneficiaries of the 2024 loan scheme.
“Let me express my disappointment over the poor repayment rate among 2024 beneficiaries of the ₦1 billion SAFER loan. Defaulters will be barred from accessing the 2025 scheme,” he said.
The chairman warned that the loans were guaranteed by civil servants and that if farmers failed to repay, deductions would be made from their guarantors’ salaries.
He urged all defaulting farmers to clear their outstanding debts immediately to remain eligible for future loan opportunities, especially the forthcoming 2025 agricultural loan program.
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