The Oyo State Government has announced plans to commence the 2025 agricultural loan scheme with a single-digit interest rate for farmers.
The Chairman of the Agricultural Credit Corporation of Oyo State (ACCOS), Sheik Taofeek Akeugbagold, disclosed this through a press statement in Ibadan, stating that preparations are underway for loan disbursement to enhance farmers’ productivity.
Akeugbagold said this is a reaffirmation of the Oyo State government’s commitment to food security.
He explained that the core mandate of his agency is to facilitate the mobilization of funds for the provision of agricultural loans at an affordable rate and to ensure easy access to loan facilities to 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 ₦1 billion SAFER loan. Defaulters will be barred from accessing the 2025 scheme.”
The Chairman warned that the loans were guaranteed by civil servants, and if farmers fail to repay, deductions will be made from their guarantors’ salaries.
He urged all defaulting farmers to clear their outstanding debts immediately to remain eligible for future loan opportunities, especially the forthcoming 2025 agricultural loan program.