Oyo Govt. Calls For Prompt Repayment Of 2024 SAFER Loans
Written by News Desk on October 11, 2025
Oyo State Government has urged all farmers who benefitted from the 2024 Sustainable Action for Economic Recovery, SAfER, laons to fulfill their loan obligations to ensure the sustainability of the programme, noting that the low repayment rate had significantly affected the disbursement of another funds for subsequent phases of the scheme.
The Chairman, Agricultural Credit Corporation of Oyo State, ACCOS, Sheikh Taofik Akeugberu, made the call in a meeting with Participating Financial Institutions, PFIs, held at the Corporation’s Board Room, Ibadan.
According to him, “The SAfER loan initiative was designed to empower our farmers and strengthen food production across the state. Sustainability of this programme depends on prompt repayment by beneficiaries. When farmers refuse to repay, it limits our capacity to assist others who are equally in need of support.”
Sheikh Akeugberu disclosed that the Corporation only received 36 percent of the total loan repayment from the benefiting farmers for 2024 loans scheme.
The ACCOS chairman appealed to all beneficiaries to honor their loan obligations, emphasizing that the SAfER loan was not a grant but a revolving facility meant to benefit more farmers in Oyo State.
He admonished the financial institutions to intensify efforts in recovering the outstanding loan by engaging guarantors and adopting all necessary measures to ensure compliance with the loan repayment terms.
He reaffirmed the corporation’s commitment to working hand in hand with all stakeholders to strengthen agricultural financing and promote food security across Oyo State.
In his response, Mr. George Martins of Randalpha Microfinance Bank, who spoke on behalf of the financial institutions, explained that the banks have been making concerted efforts to recover the loans.
He, however, attributed the delay in repayment to the decline in agricultural produce prices and the impact of climate change on farmers’ productivity.
Mr. Martins assured the Corporation of the financial institutions’ readiness to collaborate closely with ACCOS to ensure full recovery of the outstanding loans while also supporting farmers to remain productive and financially responsible.
Participating financial institutions under the SAfER loan scheme include the Bank of Agriculture (BoA), SEAP Microfinance Bank, Osanta Microfinance Bank, OnibuOre Microfinance Bank, Multivest Microfinance Bank, Igbo-Ora Microfinance Bank, Ifedapo Microfinance Bank, and Randalpha Microfinance Bank
