The Oyo State Government has approved the disbursement of additional funds under its single-digit interest agricultural loan scheme, aimed at strengthening food security and enhancing agricultural productivity across the state.

 

This was disclosed by the Chairman of the Agricultural Credit Corporation of Oyo State (ACCOS), Sheikh Taofeek Akeugbagold, during an interactive session with farmers at the corporation’s headquarters in Ibadan.

 

Akeugbagold stated that the loan expansion is part of Governor Seyi Makinde’s continued commitment to empowering farmers, improving rural livelihoods, and driving economic development through agriculture.

 

“The Oyo State Government, through ACCOS, is offering farmers more opportunities to access affordable credit for crop cultivation, livestock farming, agro-processing, and other related ventures,” he said.

 

He emphasized that both current beneficiaries and new applicants who meet the eligibility criteria can benefit from the scheme. The government, he added, is particularly focused on reaching grassroots farmers in all 33 local government areas.

 

Encouraging farmers to seize the opportunity, Akeugbagold reminded beneficiaries of the importance of loan repayment to sustain the initiative:

“Loan repayment is crucial. Those who repay promptly will remain eligible for future funding, while defaulters may lose access and affect the chances of others waiting to benefit.”

 

He noted that under Governor Makinde’s leadership, thousands of farmers have been supported through the scheme, leading to increased yields and investments across the agricultural sector.

 

The ACCOS chairman also stressed that the loan disbursement process remains transparent, inclusive, and free from political or sectional influence.

 

Speaking on behalf of the farmers, Mr. Adeboje Samson from Atisbo Local Government Area expressed gratitude to the governor, stating that the loans and other farming inputs he received had significantly improved his farm’s output and his family’s well-being.

 

He urged fellow farmers to repay their loans promptly so they could continue benefiting from the program and expand their operations further.