The Oyo State Government has commenced arrangements for the immediate disbursement of the YEAP-SAfER agricultural support loans through the Agricultural Credit Corporation of Oyo State (ACCOS), following delays encountered in the implementation process with the initial financial partner.
This was contained in a statement signed by the Director-General, Oyo State Agribusiness Development Agency (OYSADA), Dr Debo Akande and made available to newsmen in Ibadan on Wednesday.
This decision was taken in the interest of beneficiaries and the wider agricultural economy, particularly as the planting season has already commenced and timely access to funding has become critical for agribusiness operations across the State.
Following the official launch of the YEAP-SAfER Loan Scheme, the State Government observed significant implementation challenges in the operational framework proposed by First City Monument Bank, including a substantial increase in service charges beyond the terms originally agreed under the Memorandum of Understanding signed with the State Government, as well as slow-paced beneficiary accreditation.
While discussions and engagements around these issues may continue, the Oyo State Government has resolved that the agricultural calendar cannot be delayed pending prolonged administrative resolutions.
Consequently, the State Government formally discontinued the existing arrangement and activated an alternative disbursement structure through ACCOS to ensure that farmers, agripreneurs, processors, and other beneficiaries can access support without further delay.
Under the new structure, all administrative and service-related charges have been reduced to 9%. The first batch of 75 beneficiaries is scheduled to receive disbursement this week, while accreditation and verification exercises continue across the State.
Additional disbursement figures will be released periodically as more beneficiaries complete the accreditation process.
The Oyo State Government wishes to reassure all applicants and stakeholders that the YEAP-SAfER programme remains fully on course and that every decision being taken is guided by the need to protect beneficiaries, preserve affordability, and ensure that agricultural activities are not disrupted during this critical farming window.
The State Government also appreciates the patience, cooperation, and confidence shown by applicants throughout the transition process and reiterates its commitment to building a transparent, farmer-focused agricultural financing system that supports productivity, job creation, and food security in Oyo State.
Signed:
Dr Debo Akande
DG, Oyo State Agribusiness Development Agency
