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This study examined the impact of NFDP-II on poverty alleviation and income inequality in Surulere Local Government, Ogbomoso, Oyo State, Nigeria. Data were collected using structured questionnaire and analyzed with descriptive statistics, Foster-Greer-Thorbecke (FGT) and Gini-coefficient. The result obtained from the descriptive statistics showed that majority of the farmers 84.3% were male, 85.7% had household size between members of 4-6, farmers had an average farming experience of 20.99 years and more than half of them 58.6% practiced crop farming. The result from Foster-Greer-Thorbecke (FGT) model showed that there was an increase in the level of poverty after the program than before the program because the FGT indices 1419.90 were greater after participation than the indices 7035.41 obtained before participation. Also, the result from Gini-coefficient revealed that there was higher income inequality after the program than before the program commences which increased from 23.3% to 24.9 %. The study also revealed that major problems faced by participants’ farmers were poor funding, inadequate information about the program and ineffective training among other problems. Despite the constraints facing the respondents in the study area, the study revealed that there was an increase in the income and expenditure of participants after participating in the program. The results obtained however suggest that with continuous government support, slight adjustment in terms of protocol and further reduction in counterpart fund, the National Fadama development program II might alleviate poverty and improve income inequality among participant farmers