Oyo State House of Assembly has approved the request of Governor Seyi Makinde to access N2billion loan facility from the Central Bank of Nigeria (CBN), for the implementation of the Anchor Borrowers Programme.
The facility is to be accessed from the CBN through Fidelity Bank.
The request was contained in a letter forwarded to the lawmakers by the governor and read by Speaker Adebo Ogundoyin on Tuesday.
The loan facility, according to the governor, is being sought for the Ministry of Agriculture and Rural Development, and it is part of the plan of the government to develop the agricultural sector.
Governor Makinde in the letter hinted that the proposed loan facility would be used to fund cluster farming for maize, cassava, rice and tomatoes, while about 6,000 youths are expected to participate in the Anchor Borrowers Programme.