By Sheikh Taofeek Akeugbagold, chairman of the Agricultural Credit Corporation of Oyo State (ACCOS), made this known while announcing the launch of the 2025 agricultural loan scheme. He revealed that the new scheme will offer loans at a single-digit interest rate to support farmers.
Akeugbagold cautioned that the loans were backed by civil servants, meaning that if farmers fail to repay, deductions will be made directly from their guarantors’ salaries. He stressed that defaulters will be barred from participating in the upcoming 2025 loan scheme.
“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 stated.
Despite the repayment challenges, the government remains committed to food security and enhancing farmers’ productivity. Akeugbagold reaffirmed that preparations for the 2025 loan disbursement are already in progress.
He urged defaulting farmers to clear their outstanding debts immediately to remain eligible for future loan opportunities, emphasizing that the agency’s goal is to ensure easy access to affordable agricultural loans for farmers in the state.
