The Oyo State government has expressed concern over the poor repayment rate of the N1 billion SAFER agricultural loan disbursed in 2024, warning that defaulters will be barred from accessing the 2025 loan scheme.
Chairman of the Agricultural Credit Corporation of Oyo State (ACCOS), Sheikh Taofeek Akeugbagold, made this known while announcing the commencement of the 2025 agricultural loan programme, which will feature a single-digit interest rate to support farmers.
Akeugbagold stressed that the loans were guaranteed by civil servants, meaning that failure to repay could lead to deductions from the guarantors' salaries.
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"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," he warned.
He reaffirmed the state government's commitment to food security, stating that preparations for the 2025 loan disbursement were already underway to enhance farmers' productivity.
Akeugbagold, who is also a well-known Islamic cleric, urged all defaulting farmers to clear their outstanding debts immediately to remain eligible for future loan opportunities.
The ACCOS chairman emphasized that the agency's core mandate is to mobilize funds for agricultural loans at affordable rates and ensure easy access to financing for farmers.
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