The Chairman, Agricultural Credit Corporation of Oyo State, (ACCOS), Sheik Taofeeq Akeugbagold, has disclosed that the state government has signed a Memorandum of Understanding with the participating financial institutions to ensure a hitch-free disbursement of the N1 billion single digit loan to farmers.
Sheik Akeigbagold said at the weekend that the move was necessary to fast track disbursement of the loan to the beneficiaries and accredited farmers.
According to him, the Board had observed a delay in the disbursement process of the single digit loan in the early part of December after the official flag off of the disbursement by some participating banks.
The ACCOS Chairman maintained that Oyo state government is interested in alleviating hardship encountered by the farmers in the state occasioned by the removal of fuel subsidy in the country and that
the authorized financial institutions should fast track disbursement of loan to the accredited farmers, adding that more funds would be released as soon as the N1b loan is disbursed.
Speaking, the Corporation’s General Manager, Comrade Ogundiran Emmanuel disclosed that the government has approved that Officers of Local Government Service as well as the TESCOM Teachers can equally serve as guarantors for farmers who are interested in the loan, this would reduce problem earlier presumed by the farmers.
Comrade Emmanuel enjoined the financial institutions to attend to farmers without further delay as the Board would ensure availability of funds.
The Zonal Manager, South West Bank of Agriculture, Mr. Hakeem Esho promised to put more efforts into the disbursement of the loan, stressing that his organization has commenced disbursement, promising to intensify efforts and
urged other Finance institutions to commence disbursement without further delay.
The accredited participating financial institutions for the disbursement of the single digit loan are, Bank of Agriculture Ibadan, Oyo and Ìséyìn, Igbo-Ora Microfinance Bank, Onibuore Micro finance Bank, Randalpha MFB, Ifedapo MFB and Igboora MFB.
