Oyo Assembly Approves Makinde’s CBN N2b Loan Request

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 Programme.

The facility is to be accessed from the CBN through Fidelity Bank.

Eko Hot Blog gathered that the request was contained in a letter forwarded to the lawmakers by the governor and read by Speaker Adebo Ogundoyin on Tuesday.

The loan facility, according to the governor, is being sought for the Ministry of Agriculture and Rural Development, and it is part of the plan of the government’s efforts to develop the agricultural sector.

According to the Governor, the proposed loan facility would be used to fund cluster farming for maize, cassava, rice and tomatoes.

The letter also stated that about 6,000 youths are expected to participate in the Anchor Borrowers Programme.

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Commenting on the request, Deputy Speaker Muhammad Fadeyi and other lawmakers agreed that the Anchor Borrowers Programme, if well implemented, would assist in engaging youths and would help in reducing the high level of unemployment.

Speaker Ogundoyin said the Programme was coming at the right time, adding that youths interested in agriculture did not have the financial wherewithal to go into full practice.

He hailed Governor Makinde’s resolve to improve the agriculture sector as well as encourage youths to participate in farming and agricultural related activities.