Oyo State Agricultural Credit Corporation Outlines Criteria for Disbursing N1 Billion Loan to Farmers
IBADAN/Nigeria: In a recent disclosure during a comprehensive tour across Oyo State’s 7 geopolitical zones, Sheik Taofik Akeugbagold, Chairman of the Oyo State Agricultural Credit Corporation (ACCOS), outlined the meticulous criteria employed in disbursing the substantial N1 billion loan earmarked for farmers. The tour culminated today, marking the conclusion of an extensive sensitization campaign.
Akeugbagold articulated that to access the N1 billion single-digit interest loan under the Sustainable Action for Economic Recovery (SAfER) sub-committee, an applicant must hold a recognized status as a bona fide farmer. He highlighted the primary objective of the tour—to engage with and identify authentic farmers within the state.
“The rationale behind this tour,” Akeugbagold emphasized during the visit to Oke Ogun Zone 1, Iseyin area, “is to directly connect and authenticate the identity of genuine farmers, ensuring that those who genuinely need assistance are the beneficiaries of this initiative.”
He underscored the Corporation’s commitment to preventing the allocation of loans to mere ‘farmers on paper,’ reinforcing the focus on ensuring that the intended recipients truly benefit from this initiative.
Akeugbagold outlined the post-sensitization process, stating that application forms would be accessible at each Local Government Council, specifically at the offices of the Directors of Agriculture. To streamline the procedure, ACCOS Field Officers and designated Banks in respective areas will actively participate in the process.
Addressing the qualification prerequisites, Akeugbagold stressed the individual collection of application forms at no cost, cautioning against relying on social media or internet sources. He explicitly stated that neither the Board nor the Ministry of Agriculture would engage with residents through online platforms for this purpose.
Moreover, an applicant’s eligibility would necessitate a Civil Servant guarantor from Grade level 07 and above, the rank varying depending on the loan amount sought.
Akeugbagold emphasized, “Our objective is to sensitively reach farmers across the 7 zones of the State, educating them on accessing the N1 billion loan under the SAfER Sub-committee, specifically targeting food security.”
He adamantly reiterated that group lending would not be entertained, ensuring a personalized and direct engagement with individual farmers.
Stringent Stipulations to Ensure Accountability and Genuine Engagement
The General Manager of the Board, Comrade Emmanuel Ogundiran, affirmed that farmers indebted to the Board, the State Government, or participating financial institutions would not qualify unless they receive clearance from the respective entities.
Emphasizing the apolitical nature of the exercise, Ogundiran highlighted the Government’s proactive steps through the Ministry of Agriculture and Rural Development. These measures include training farmers in climate resilience and facilitating discussions to foster peaceful coexistence between herders and farmers.
At the Ibarapa Zone, Commissioner 3 of the Civil Service Commission, Chief Ogunjinmi, lauded Governor Makinde’s visionary efforts in the agricultural sector. He encouraged farmers to utilize the forthcoming loan judiciously, acknowledging the long-lasting impact of the Governor’s initiatives in agriculture.
This concerted effort by ACCOS signifies a strategic drive towards supporting genuine agricultural endeavors while implementing rigorous measures to ensure accountability and impactful utilization of the allocated funds.
