The Oyo State Government has announced plans to launch a single-digit interest-rate agricultural credit program for farmers in 2025.

In a press release in Ibadan, Sheikh Taofeek Akeugbagold, the Chairman of the Agricultural Credit Corporation of Oyo State (ACCOS), revealed this and said that plans are in motion to disburse loans to increase farmers’ production.

Akeugbagold said this is a reaffirmation of the Oyo State government’s commitment to food security.

He explained that his agency’s core mandate is to facilitate the mobilisation of funds to provide agricultural loans at an affordable rate and to ensure easy access to loan facilities for farmers.

Akeugbagold expressed concern about some defaulting beneficiaries of the 2024 loan scheme.

He said, “Let me express my disappointment over the poor repayment rate among 2024 beneficiaries of the N1 billion SAFER loan. Defaulters will be barred from accessing the 2025 scheme.”

The Chairman warned that state personnel had guaranteed the loans and that their wages would be withheld if farmers could not repay.

He urged farmers who have defaulted to immediately pay their outstanding obligations to be eligible for future loan possibilities, particularly the upcoming 2025 agricultural loan program.

Source: Tribune Online

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