The Oyo State Governor, Abiola Ajimobi, has forwarded a €5m loan request to the state House of Assembly for the purchase of mini tractors for farmers in the state.

After reading the request during Tuesday’s plenary, the Speaker of the House, Michael Adeyemo, directed that the request be sent to the House Committee on Appropriations and Agriculture for further consideration.

Adeyemo, who later spoke to our correspondent, said Czech Export Bank would bankroll the amount through the Federal Government. He explained that the bank would pay the amount to a manufacturing company after which the mini tractors would be shipped to Nigeria.


“The money is meant for the purchase of multi-purpose minitractors which will be distributed to farmers. The farmers will pay the money back on interest-free system. In essence, the bank is no giving any cash to the state government and the state is also not incurring any cost on the initiative,” the speaker said.