The Chairman, Agricultural Credit Corporation of Oyo State (ACCOS), Sheikh Taofeek Akeugbagold, on Friday said the state government had approved additional funds for disbursement to farmers.
Sheikh Akeugbagold said this during an interactive session with farmers at the Corporation’s headquarters in Ibadan.
He said the additional loan was under its single-digit administrative charges of agricultural loan schemes and part of continued efforts to “empower farmers, promote food security, and boost agricultural productivity across the state.”
He said the decision was to ensure that farmers had access to affordable financing to support crop cultivation, livestock production, agro-processing, and other agricultural ventures.
“The Oyo state government, through ACCOS, is providing more opportunities for farmers to access its agricultural loan and expand their operations. This will contribute meaningfully to the state’s food system.
“The Agricultural Credit Corporation of Oyo State was established to offer financial support to farmers at a single-digit administrative rate, in a bid to increase food production, reduce rural poverty, and create employment,” he said.
He stressed that the scheme targetted both existing beneficiaries and new applicants “who meet the eligibility requirements.”
He encouraged farmers to take full advantage of the new window of opportunity, Sheikh reminding beneficiaries of the first phase of the scheme to fulfill their repayment obligations without delay.