The House of Representatives on Tuesday unveiled plans to investigate allegations concerning the misappropriation of N1.12 trillion disbursed by the Central Bank of Nigeria (CBN) through its Anchor Borrowers Scheme.
The resolution was passed sequel to the adoption of a motion on the ‘Alleged mismanagement of Government Agricultural initiatives and Funding by Departments, Agencies, and Government programmes outside the Federal Ministry of Agriculture and Food Security’, sponsored by Hon. Chike Okafor:
In his lead debate, Hon. Okafor The House notes the growing food scarcity and malnutrition in Nigeria and the alleged mismanagement of agricultural funds intended for agricultural development in the country.
“The House also notes that the Federal Government, through various schemes and interventions in the last in eight years have spent over N2 trillion in funding agricultural interventions with the view of making food available for millions of Nigerians, but due to the alleged mismanagement, misapplication of funds and abuse of the programs, Nigeria is still experiencing food scarcity and malnutrition.
“The House is aware of the reports and allegations of abuse, mismanagement, and misapplication of government intervention funds earmarked for agricultural development and food security initiatives in Nigeria through the Central Bank of Nigeria (CBN) through the Anchor Borrowers Program (ABP) disbursed about N1.12 trillion to 4.67 million farmers involved in either maize, rice or wheat farming through 563 anchors.
“The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) disbursed N215,066,980,074.52 so far to facilitate agriculture and agrobusinesses. Bank of Industry (BOI) disbursed N3 billion to 22,120 smallholder farmers through the Agriculture Value Chain Financing (AVCF) Programme. Additionally, the bank funded 49 agro and food processing businesses with N59.4 billion in loans.
“In 2023, the Federal Government of Nigeria unveiled a N5 billion loan facility to the Bank of Agriculture (BOA) for Livestock farmers across the country.
“National Agricultural Development Fund in March of 2024 inaugurated a NI.6 billion Recovery Fund for the Ginger Blight Epidemics Central Taskforce (GBECT) for the control of Blight disease in Ginger, among other interventions.
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“The House is also aware that funds advanced to end users of the Federal Government interventions were allegedly misused, misapplied and channelled to non-farming and non-agricultural purposes, hence the current acute scarcity of food.
“Worried that the agricultural sector plays a crucial role in ensuring food security, improving nutrition, and supporting the livelihoods of millions of Nigerians, and any abuse on the programs and schemes of Government drastically affects millions of innocent citizens.
“The House is cognizant of the need to investigate government agricultural interventions and funding allocated to Departments, Agencies, Schemes and Programs outside the Federal Ministry of Agriculture and Food Security to ensure transparency, accountability, and effective resource utilization,” Hon. Okafor urged.
To this end, the House mandated the joint Committees on Nutrition and Food Security and Agricultural Production and Services; Agricultural Colleges and Institutions and Finance to conduct a comprehensive investigation into the alleged misuse of Government interventions and agricultural funding by Departments, Agencies, Schemes and Programmes of the Federal Government outside the Federal Ministry of Agriculture and Food Security and report within four (4) legislative weeks for further legislative actions.
