Oyo govt expands agricultural loan scheme to support farmers

By Adejayan Gbenga –

The Oyo State Government has approved the expansion of its agricultural loan scheme under a single-digit interest initiative aimed at improving food security and boosting productivity among farmers across the state.

Chairman of the Agricultural Credit Corporation of Oyo State (ACCOS), Sheikh Taofeek Akeugbagold, disclosed this during an engagement session with farmers at the agency’s headquarters in Ibadan. He said the additional funding would improve farmers’ access to affordable loans for various agricultural ventures.

According to him, the state government remains committed to supporting both new and existing farmers across all 33 local government areas by providing credit for crop cultivation, livestock rearing, and agro-processing. He added that the disbursement process would be transparent and non-partisan.

“This administration, under the leadership of Governor Seyi Makinde, is determined to reach farmers at the grassroots level with meaningful financial support,” Akeugbagold stated. “Our approach is open, fair, and designed to benefit all qualified applicants, regardless of political affiliation.”

He emphasized the importance of timely loan repayment, urging current beneficiaries to fulfill their obligations so the scheme can continue to serve more farmers. He warned that defaulters risk being excluded from future disbursements.

Since its launch, the agricultural loan scheme has benefited thousands of farmers across the state, contributing to increased productivity, improved livelihoods, and enhanced rural development. Akeugbagold noted that the government is proud of the progress made so far.

A beneficiary from Atisbo Local Government, Mr. Adeboje Samson, commended the government’s commitment to agricultural development. He said the support he received significantly boosted his output and income.

Mr. Adeboje also appealed to fellow beneficiaries to repay their loans promptly, stressing that timely repayment would allow more farmers to benefit from the scheme and help sustain food production across Oyo State.