The House of Representatives has initiated a comprehensive investigation into how agricultural intervention and financing funds were utilized by various government ministries, departments, and agencies (MDAs) between 2017 and 2024.
This probe is being spearheaded by the House Committee on Nutrition and Food Security, which has commenced a public hearing to assess the transparency and efficiency of fund allocation and disbursement by key financial and agricultural institutions. These include the Central Bank of Nigeria (CBN), Bank of Industry (BoI), National Agricultural Development Fund (NADF), and several others.
Chairman of the Committee, Hon. Chike Okafor, stressed that the objective of the investigation is not to target or embarrass any individual or agency but to evaluate the effectiveness of these interventions in addressing Nigeria’s food security challenges.
“This is not a witch-hunt. We are here to investigate how public funds were utilized and whether they delivered value to the Nigerian people,” Okafor said.
He expressed concern that despite the massive government investments in agriculture and food programs over the years, the country continues to grapple with food insecurity, rising prices of staples, and high levels of malnutrition.
“With the volume of funds committed to agricultural development, Nigerians should not be struggling to afford basic meals. Something clearly went wrong,” he added.
Key Focus Areas of the Probe:
The committee aims to closely examine:
- How the Central Bank of Nigeria (CBN) disbursed approximately ₦1.12 trillion through the Anchor Borrowers Programme (ABP) to over 4.67 million farmers engaged in maize, rice, and wheat farming through 563 anchor institutions.
- The disbursement of ₦215 billion by the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) to support agriculture and agro-businesses.
In a bid to ensure transparency and accountability, the committee has directed all relevant agencies to provide detailed documentation on:
- Total funds received from the Federal Government and other intervention schemes.
- Contact details of donor partners and collaborators.
- Records of anchor institutions and how funds were distributed to farmers.
- A breakdown of agricultural loans issued from 2017 to 2024.
- Names and locations of beneficiaries, disaggregated by state and geopolitical zone.
- Terms and conditions of loan disbursements and recovery strategies.
- Performance metrics on achieving national food security and nutrition goals.
- A list of major food security projects executed or underway, including timelines, locations, beneficiaries, and costs.
- Planned food security initiatives for 2025, with funding sources and estimated costs.
CBN Confirms Massive Disbursements
During the hearing, CBN Governor Olayemi Cardoso, represented by Acting Director Kwasari Harman, revealed that under the previous administration, ₦1.21 trillion and an additional ₦871 billion were released to commercial banks to support the Anchor Borrowers Programme.
However, the absence of several government agencies at the session raised concerns among committee members. Hon. Okafor warned that the committee will not hesitate to issue arrest warrants for any officials who fail to appear and account for their roles in the handling of federal agricultural programs.
“This investigation is crucial to Nigeria’s food future. Any attempt to undermine the process will be met with the full weight of legislative authority,” Okafor stated.
The committee’s ongoing work signals the House’s commitment to ensuring that public funds earmarked for agriculture are not only properly accounted for but also deliver tangible results in terms of food security, rural development, and economic stability.
