The Oyo State Government has approved the sum of ₦500 million to empower trained Oyo Youths in the Agribusiness Program (YEAP).
Speaking during a press briefing held in Ibadan, the Commissioner for Agriculture and Rural Development, Barrister Olasunkanmi Olaleye said the initiative is in partnership with the FCMB to launch a ₦1.5bn loan scheme.
The scheme is designed to provide financial support and bolster the agricultural sector, by leveraging the skills of young entrepreneurs who have completed state-sponsored training programs, under the Oyo State Agribusiness Development Agency, OYSADA.
Olaleye said OYSADA which is the coordinating government agency would roll out modalities for onward disbursement to beneficiaries in the coming days.
Similarly, the Commissioner for Information and Orientation, Prince Dotun Oyelade disclosed that the State Executive Council has also approved the total sum of ₦147m for 12,600 pensioners in the state.
Oyelade said the funds were in fulfillment of Governor Seyi Makinde’s promise to the retired workers, as their hardship allowance occasioned by the federal government’s removal of fuel subsidy with direct adverse effects on personal and household income.
“It was revealed at the state executive council meeting that as promised by His Excellency during the SAfER (Sustainable Action for Economic Recovery) activities, a sum of 147 million naira has been released to 12,600 pensioners, that it will be part of the relief package that his administration will give those pensioners particularly who have been affected by the removal of fuel subsidy by the federal government.
“This process started in September 2023, and it is a continuous exercise so, this was effected yesterday that the sum of 147 million naira was distributed to pensioners at the Pensions House,” Oyelade said.
“So, the Oyo state government is contributing 500 million naira while FCMB will contribute the sum of 1 billion naira under the scheme.
”It is an Agric loan scheme for youths in agribusiness and it’s going to be implemented under OYSADA. So, youth entrepreneurs in agribusiness certified by OYSADA will be able to benefit from that loan scheme.” Olaleye said.
Fielding questions from State House Correspondents on whether other independent youths in agribusiness not certified by OYSADA could also benefit from the loan scheme, Barrister Olaleye stated that only those specially trained and certified by OYSADA could access the funds.
“What I can tell you is that the beneficiaries must be certified by OYSADA as qualified as youths in agribusiness in the state.
“Once you meet that categorisation, you will be able to benefit from the loan scheme. Of course, we trained a number of them before and we have a very large number of them already practicing agribusiness in the state. So, they’ll be able to benefit from that loan scheme.”
On the moratorium of the loan, Olaleye said: “The details will be spelt out by OYSADA, and with this approval, you can be sure that in the next few days, OYSADA will roll out details of its program.”
