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The Oyo State House of Assembly has directed its Standing Committee on Commerce and Cooperatives to investigate causes of dwindling fortune and ailing nature of cooperative societies across the State and come up with workable solutions to revive and reposition them for effective performances.

The House issued the directive at its plenary while deliberating on a motion sponsored by the House Leader, Hon. Sanjo Onaolapo Adedoyin, representing Ogbomoso South State Constituency.

Moving the motion on a “Passionate Appeal to the Executive Arm of Government to put necessary machinery in place towards Repositioning of Farmers’ Cooperative Society for Greater Agricultural output and Productivity in the State”, Hon. Onaolapo explained that many Agricultural Cooperative Societies were now moribund and unattractive due to lack of loan facilities for the farmers and other logistics that could enhance their effectiveness.

He noted that many people were ready to engage in farming and other agricultural productive ventures but were hampered by lack of finances.

“Access to loan from various commercial banks come with high interest rate and demands from collaterals which would not be attainable by the rural dwellers.”

“It should be noted that many people are ready and highly committed to engaging in farming and other productive ventures but are being hampered and restricted financially and due to the unavailability of other logistics that this intervention will take care of.”

He stressed that the upgrading of existing farm settlements with provision of modern amenities and establishment new ones in all zones of the State was a viable means of revitalise the Agricultural sector.

The House as part of its resolves also urged the Executive Arm of Government, through the Ministry of Trade, Investment and Cooperatives to review its mode of engagement with registered Agricultural Cooperative societies in order for them to fulfil their mandates of poverty reduction, women empowerment, employment creation among others.

Meanwhile, Three Executive Bills passed through the first reading stage at the Plenary presided over by the Speaker, Adebo Ogundoyin.

The Three Bills were Oyo State Presumptive Tax Bill, 2023,Oyo State Project Performance Monitoring Agency Bill, 2023, and Oyo State Rule of Law Enforcement Authority Bill, 2023.

The House has adjourned the plenary till Thursday, 18th January, 2024.

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