The Oyo State House of Assembly has again approved a two billion naira loan request by the Seyi Makinde led administration.
The approval of the new loan is the latest in a series of loan the incumbent administration has been granted by the state assembly in less than two years since its inception.
The approval to the loan was sequel to a letter forwarded by Governor Seyi Makinde to the state Assembly and read at the floor by the Speaker Rt. Hon Adebo Ogundoyin. According to the letter the two billion naira loan will be collected from Fidelity Bank under the Anchor Borrowers’ Programme (ABP), an initiative of the Central Bank of Nigeria (CBN) for the Agricultural sector.
The loan facility, according to the Governor is being sought for the Oyo State Ministry of Agriculture and Rural Development, and it is part of the plan of the state Government to develop the Agricultural sector.
Governor Makinde in the letter hinted that the proposed loan facility would be used to fund cluster farming for maize, cassava, rice and tomatoes while about six thousand youth are expected to participate in the Anchor Borrowers Program.
The letter read in part ” The participants will be categorized under micro enterprise of the State agricultural program with the expectation that they will develop into small and medium enterprises in synergy with the Oyo State Agricultural Development Agency, OYSADA.”
While commenting on the request, the Deputy Speaker, Hon Muhammad Fadeyi and other lawmakers agreed that the Anchor Borrowers Program if well implemented would assist in engaging the youth across the State and will ultimately assist in reducing the high level of unemployment in the country.
The Speaker Oyo State House of Assembly, Hon Adebo Ogundoyin noted that the Anchor Borrowers Program was coming at the right time adding that many youth who are interested in Agriculture do not have the financial wherewithal to go into full practice.
Hon Ogundoyin commended the resolve of Governor Makinde to improve the Agriculture sector as well as encourage youth participation in farming and Agricultural related activities.
The House thereafter directed its Committees on Agriculture and Natural Resources as well as Public Account, Finance and Appropriation to perform thorough oversight functions in order to ensure full implementation of the Anchor Borrowers Program so as to achieve the desired results.