Oyo Assembly Grants Makinde's Request to Borrow N2bn to Boost Agriculture - Penangle | News Portal in Nigeria
Tue. Jun 18th, 2024
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In line with the agenda of present administration in Oyo State to take agriculture to an enviable level, the state government is set to implement the Anchor Borrower’s Program in the state.
To this end, the Oyo State House of Assembly has approved the request of Governor Seyi Makinde to access two billion naira loan facility from the CBN for the implementation of the Anchor Borrowers Program.
The loan facility will be accessed from the Central Bank of Nigeria, CBN through one of the new generation banks.
The request was contained in a letter  forwarded to the Legislature by the Governor and read by the Speaker of the House, Adebo Ogundoyin on Monday. According to the Governor, the loan facility is being sought for the Oyo State Ministry of Agriculture and Rural Development as 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 Borrower’s 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, lawmakers agreed that the Anchor Borrower’s 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, Adebo Ogundoyin noted that the Anchor Borrower’s Program was coming at the right time. He 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 Borrower’s Program so as to achieve the desired results.
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