In a renewed effort to strengthen food security and enhance agricultural productivity, the Oyo State Government has approved additional funding for disbursement under its single-digit administrative charge agricultural loan scheme.
This was made known by the Chairman of the Agricultural Credit Corporation of Oyo State (ACCOS), Sheikh Taofeek Akeugbagold, during an interactive session with a group of farmers at the corporation’s headquarters in Ibadan on Thursday.
Akeugbagold said the decision aligns with the state government’s continued commitment to empowering farmers and ensuring access to affordable financing for crop production, livestock, agro-processing, and other agriculture-related activities.
“The Oyo State Government, through ACCOS, is providing more opportunities for farmers to access agricultural loans and expand their operations. This will contribute meaningfully to the state’s food system,” he stated.
According to him, the expanded scheme is open to both new applicants and previous beneficiaries who meet the eligibility requirements. He emphasized that the initiative aims to reach grassroots farmers in all 33 local government areas of the state.
The ACCOS chairman urged farmers to make full use of the new loan opportunity and reminded those who benefited from the first phase to repay their loans promptly.
“Loan repayment is essential to keeping this initiative alive. Those who repay will remain eligible for future financial support, while defaulting may limit access and affect others waiting to benefit,” he warned.
Akeugbagold reiterated that the Agricultural Credit Corporation was established to offer financial support to farmers at a single-digit administrative charge, with the goals of boosting food production, reducing rural poverty, and creating employment opportunities.
He added that under the administration of Governor Seyi Makinde, thousands of farmers across the state have already benefited from the scheme, leading to increased agricultural output and investments.
Reaffirming the agency’s commitment to fairness, Akeugbagold assured that the loan disbursement process remains transparent and devoid of political or sectional bias.
Speaking on behalf of the farmers, Mr. Adeboje Samson from Atisbo Local Government Area commended Governor Makinde for his consistent support of the agricultural sector.
He noted that the loans and other input support he received had significantly improved his farm productivity and helped sustain his household. Adeboje also urged fellow beneficiaries to ensure timely repayment to qualify for further assistance and expand their farming ventures.
The announcement was endorsed in an official statement by the Oyo State Commissioner for Information and Orientation, Prince Dotun Oyelade, on Thursday, August 1, 2025.
