The Oyo State Government has approved ₦500 million to empower youths trained under the state’s Agribusiness Program (YEAP). This initiative, announced during a press briefing in Ibadan, is part of a larger ₦1.5 billion loan scheme launched in partnership with First City Monument Bank (FCMB).
The Commissioner for Agriculture and Rural Development, Barrister Olasunkanmi Olaleye, stated that the scheme aims to provide financial support to young entrepreneurs in the agricultural sector who have completed state-sponsored training programs under the Oyo State Agribusiness Development Agency (OYSADA). Olaleye confirmed that OYSADA would soon release details on the disbursement of funds to qualified beneficiaries.
“The Oyo State government is contributing ₦500 million, while FCMB is contributing ₦1 billion,” Olaleye explained. “This loan scheme is specifically for youth entrepreneurs in agribusiness who have been certified by OYSADA.”
In response to questions about the eligibility of other independent youth agripreneurs, Olaleye clarified that only those certified by OYSADA would qualify for the loan.
Additionally, the Commissioner for Information and Orientation, Prince Dotun Oyelade, announced that the State Executive Council has approved ₦147 million to support 12,600 pensioners in the state. This fund serves as a hardship allowance in response to the federal government’s removal of the fuel subsidy, fulfilling a promise made by Governor Seyi Makinde during the SAfER (Sustainable Action for Economic Recovery) initiative.
“The ₦147 million has been released to pensioners as part of the relief package promised by His Excellency, particularly for those affected by the fuel subsidy removal,” Oyelade stated.
Both initiatives underscore the Oyo State government’s commitment to supporting vulnerable groups and fostering economic growth through targeted interventions.
