Oyo Government Decries Low Repayment Of 2024 SAfER Loan

Oyo State authorities has expressed interest implicit the debased repayment complaint of the 2024 Sustainable Action for Economic Recovery (SAfER) loans disbursed to farmers crossed the state.

Chairman of the Agricultural Credit Corporation of Oyo State (ACCOS), Sheikh Taofeek Akeugbagold, stated this successful a gathering held with Participating Financial Institutions (PFIs) successful Ibadan, Oyo State capital.

Speaking connected the presumption of the 2024 SAfER indebtedness repayments, the president disclosed that the Corporation lone received 36 percent of the full indebtedness repayment from the benefiting farmers.

He urged each beneficiaries to fulfill their indebtedness obligations to guarantee the sustainability of the programme, noting that the debased repayment complaint had importantly affected the Corporation’s quality to disburse funds for consequent phases of the indebtedness scheme.

According to him, “The SAfER indebtedness inaugural was designed to empower our farmers and fortify nutrient accumulation crossed the state.

“However, the sustainability of this programme depends connected punctual repayment by beneficiaries. When farmers garbage to repay, it limits our capableness to assistance others who are arsenic successful request of support.”

The ACCOS president appealed to each beneficiaries to honour their indebtedness obligations, emphasising that SAfER indebtedness was not a assistance but a revolving installation meant to payment much farmers successful Oyo State.

Akeugbagold admonished the fiscal institutions to intensify efforts successful recovering the outstanding indebtedness by engaging guarantors and adopting each indispensable measures to guarantee compliance with the indebtedness repayment terms.

He reaffirmed the Corporation’s committedness to moving hand-in-hand with each stakeholders to fortify cultivation financing and beforehand nutrient information crossed the State.

Responding, Mr. George Martins who spoke connected behalf of the fiscal institutions, explained that the banks person been making concerted efforts to retrieve the loans.

He, however, attributed the hold successful repayment to the diminution successful cultivation nutrient prices and the interaction of clime alteration connected farmers’ productivity.

Martins assured the Corporation of the fiscal institutions’ readiness to collaborate intimately with ACCOS to guarantee afloat betterment of the outstanding loans portion besides supporting farmers to stay productive and financially responsible.