Makinde approves ₦500m for youth agribusiness scheme

Governor Seyi Makinde of Oyo State has approval of the sum of ₦500 million for empowering trained Oyo youths in Agribusiness Program (YEAP).

The Commissioner for Agriculture and Rural Development in Oyo State, Olasunkanmi Olaleye, at a media interaction, emphasised that the scheme is in partnership with the FCMB to launch a ₦1.5 billion loan scheme.

According to the Commissioner, “the scheme is designed to provide financial support and bolster the agricultural sector, by leveraging the skills of young entrepreneurs who have completed state-sponsored training programs, under the Oyo State Agribusiness Development Agency.”

Olaleye stated that OYSADA, the coordinating government agency of the scheme, would roll out modalities for onward disbursement to beneficiaries in the coming days.

The Commissioner for Information and Orientation, Prince Dotun Oyelade, also revealed that the Oyo State Executive Council has approved the sum of ₦147 million for 12,600 pensioners in the state.

Oyelade further said that the funds were in fulfillment of Governor Seyi Makinde’s promise to the retired workers, as their hardship allowance occasioned by the federal government’s removal of fuel subsidy with direct adverse effects on personal and household income.

Oyelade had declared: “It was revealed at the state executive council meeting that as promised by His Excellency during the SAfER (Sustainable Action for Economic Recovery) activities, a sum of 147 million naira has been released to 12,600 pensioners, that it will be part of the relief package that his administration will give those pensioners particularly who have been affected by the removal of fuel subsidy by the federal government.

“This process started in September 2023, and it is a continuous exercise so, this was effected yesterday that the sum of 147 million naira was distributed to pensioners at the Pensions House.

“So, the Oyo state government is contributing 500 million naira while FCMB will contribute the sum of N1 billion under the scheme.

”It is an Agric loan scheme for youths in agribusiness and it’s going to be implemented under OYSADA. So, youth entrepreneurs in agribusiness certified by OYSADA will be able to benefit from that loan scheme.”

Source: Channels TV