As part of its Sustainable Action for Economic Recovery (SAfER) initiative to cushion the effect of economic hardship on residents of the state, the Oyo State Government has given out N460million loan to farmers in the state to grow their farming businesses.
The sum is part of the N1billion promised by Oyo State governor, Seyi Makinde, to ensure food security in the state, following the removal of subsidy on Premium Motor Spirit (PMS) popularly known as petrol.
Food security is one of the key components of the SAfER initiative.
The loans, made available to farmers from all parts of the state, were routed through several banks including Bank of Agriculture, Ibadan Branch; Bank of Agriculture Iseyin Branch; Bank of Agriculture, Oyo Branch; Onibu-Ore Microfinance Bank, Ibadan; Ifedapo Microfinance Bank, Saki; Igboora Microfinance Bank, Igboora and Randalpha Microfinance Bank, Ogbomoso.
Speaking about the single-digit loans to farmers, the Chairman of SAfER Committee, Otunba Segun Ogunwuyi, assured that the second phase, which would witness the disbursement of N550million to different categories of farmers, would soon commence.
While charging the beneficiaries to make the most of the opportunity to ensure that Oyo State has food security, Ogunwuyi, who is also the Chief of Staff to the Governor, said the state would continue to support farmers.
Ogunwuyi said the loans are available to all farmers in the state irrespective of their religious or political leanings.
He said, “No farmer needs to know anyone in government to access the loans. All anyone who is interested in the loan has to do is to obtain the form from one of the banks, fill it and return it to the bank. The bank will carry out their assessment and provide the loan for any farmer who satisfies the requirements.”
The state government had, through the SAfER initiative, also given out 24,000 bags of 50kg maize to 2,000 poultry farmers just as it distributed fish feeds to 1,000 farmers.
