YEAP Members To Benefit From Oyo Govt/FCMB N1.5b Loan
•••As 12,600 Pensioners Get N149m Hardship Allowance
•By Oyeniyi Awojoodu, Ibadan
IBADAN – The Oyo State Government has announced a partnership with FCMB to launch a ₦1.5 billion loan scheme aimed at empowering the members of Youths in Agribusiness Program (YEAP).
Out of the total sum, Oyo state government will provide a 500 million naira counterpart funds while FCMB Bank would provide the sum of one billion naira totalling 1.5 billion naira for the loan scheme.
RELATED NEWS
The scheme, according to the Commissioner for Agriculture and Rural Development, Barrister Olasunkanmi Olaleye, 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.
Speaking on Wednesday, August 14 during a press briefing held at the Press Conference room, Governor’s Office, Secretariat, Ibadan, Barrister 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 147 million naira for 12,600 (twelve thousand) pensioners in the state.
READ ALSO
AGRIBUSINESS:Oyo To Benefit From WATEA Programme, As Gov Makinde Receives French Delegation
Oyelade said the funds was 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.
Speaking on the impact of the 1.5 billion loan scheme for youths in agribusiness, Barrister Olaleye highlighted the importance of the partnership between Oyo state government and FCMB in boosting local agriculture and creating job opportunities.
“The State Executive Council has approved the sun of 500 million naira counterpart funds under a loan scheme, and that WEMA Bank Plc. will run along with OYSADA.
“So, 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, youths 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 categorization, 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.”
ALSO READ
OYSADA: 100 Of YEAP Beneficiaries To Get Land At Fasola Agribusiness Industrial Hub
Asked about 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.”