Oyo Govt. Begins Distribution of 1bn Agric Loan

By Iyabo Adebisi

Oyo State Government has commenced distribution of I billion naira agric loan to farmers as part of its sustainable Action Plan for Economic Recovery to cushion the effect of subsidy removal.

The symbolic presentation of the cheques was done at the Conference Room of the Ministry of Agriculture, Secretariat, Ibadan.

Presenting the cheques, the Commissioner for Agriculture and Rural Development, Mr Olasunkanmi Olaleye, who explained that the fund is a revolving loan, said all areas of Agriculture such as Crop, Fishery, Livestock, Piggery among others were captured and fully integrated into the programme.

Mr Olaleye said the state government would continue to improve the economy with its policies and programmes following the withdrawal of fuel subsidy under its programme tagged ” Sustainable Action for Economic Recovery”

Earlier, the chairman, Agric Credit Corporation, Sheik Taofeek Akeugbagold said the beneficiaries were selected across the 351 wards of the state through the advertised banks’ application.

He urged the beneficiaries not to see the loan as a national cake but rather a revolving fund to ensure that farmers in the state produce to the capacity to sustain and maintain food security in our state.