The Oyo State Government has announced plans to commence the 2025 agricultural loan scheme with a single-digit interest rate for farmers.

The Chairman of the Agricultural Credit Corporation of Oyo State (ACCOS), Sheik Taofeek Akeugbagold, disclosed this in a press statement in Ibadan.

Also, he said preparations are underway for loan disbursement to enhance farmers’ productivity.

Akeugbagold reaffirmed the Oyo State government’s commitment to food security, emphasizing that the agency’s core mandate is to facilitate funding for agricultural loans at affordable rates and ensure easy access for farmers.

However, he expressed concern over the poor repayment rate among beneficiaries of the 2024 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 warned.

He further said that the loans were guaranteed by civil servants, and if farmers fail to repay, deductions will be made from their guarantors’ salaries.

Akeugbagold urged all defaulting farmers to clear their outstanding debts immediately to remain eligible for future loan opportunities, especially the forthcoming 2025 agricultural loan program.