Oyo State House of Assembly has approved the request of Governor Seyi Makinde to access N2billion loan facility from the Central Bank of Nigeria (CBN) for the implementation of the Anchor Borrowers Program.
The loan facility is to be accessed from the CBN through Fidelity Bank.
The request was contained in a letter forwarded to the lawmakers by the Governor and read by the Speaker, Hon Adebo Ogundoyin on Tuesday.
According to Governor Makinde, the loan facility which is being sought for the Oyo State Ministry of Agriculture and Rural Development, 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 reads in part “The participants will be categorized under microenterprise 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, Mr. 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.
Speaker Ogundoyin noted that the Anchor Borrowers Program was coming at the right time adding that many youths who are interested in agriculture does not have the financial wherewithal to go into full practice.
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 Borrowers Program so as to achieve the desired results.