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The Oyo State Government has approved additional funds for its agricultural loan schemes, which come with single-digit administrative charges.
Sheikh Taofeek Akeugbagold, Chairman of the Agricultural Credit Corporation of Oyo State (ACCOS), announced this during a meeting with farmers in Ibadan. The additional loans aim to empower farmers, promote food security, and enhance agricultural productivity across the state.
“This initiative provides farmers with affordable financing for crop cultivation, livestock production, and agro-processing,” Sheikh Akeugbagold stated. The scheme targets both existing beneficiaries and new applicants meeting eligibility requirements and aims to reach farmers in all 33 local government areas.
He stressed the importance of timely loan repayment, stating, “Those who repay will remain eligible for future support, while defaults may limit access for others.”
The Agricultural Credit Corporation was established to support farmers and is committed to a transparent loan disbursement process. Mr. Adeboje Samson from Atisbo expressed gratitude to Governor Seyi Makinde for the assistance provided, which he said has significantly improved his farm’s productivity. He encouraged other beneficiaries to repay their loans on time to access more funding opportunities.
