James Sowole
19 January 2007
Akure — To facilitate easy access of farmers to the Federal Government' s N50 billion agricultural loan, Ondo State government has set up an implementation committee for the administration of the loan.
The State Commissioner for Agriculture, Fisheries and Forestry Resources, Mr. Ayo Ifayefunmi, disclosed this to journalists in Akure, the state capital while briefing on the activities of the ministry since inception of the present administration.
According to the commissioner, the committee under the chairmanship of the Deputy Governor, Otunba Omolade Oluwateru, had been able to facilitate the granting of over N40 million to farmers.
To further reduce bottlenecks inherent in the loan, Ifayefunmi said the government has provided Irrevocable Standing Payment Order (ISPO), to the tune of N600 million to three banks in the state for easy access of the loan by farmers.
Ifayefunmi said a Memorandum of Understanding had been prepared adding that farmers would soon enjoy additional facilities.
The commissioner said government's budgets to the agricultural sector have witnessed an appreciable increase since the inception of the current administration in 2003.
He also said the actual budget performance has also been remarkable. Specifically, the commissioner said out of the N2.094 billion budget for the sector between June, 2003 to December, 2006, actual performance was N1.5 billion or 72 per cent of the budget.
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