The House of Representatives Committee on Nutrition and Food Security has launched a full-scale investigation into the disbursement of over N1.12 trillion under the Central Bank of Nigeria’s Anchor Borrowers Programme (ABP).
Also under scrutiny are the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) Microfinance Bank, which disbursed N215 billion, and the Bank of Industry (BOI), which reportedly released N3 billion to over 22,000 smallholder farmers.
Chairman of the Committee, Hon. Chike Okafor, who disclosed this during a public hearing on Monday in Abuja, alleged widespread misuse of agricultural intervention funds by various financial institutions and implementing agencies.
Okafor revealed that out of the 24 Participating Financial Institutions (PFIs) involved in disbursing ABP funds to farmers, only nine have provided the committee with documentary evidence of their transactions.
“We are probing how the Central Bank of Nigeria, through the Anchor Borrowers Programme, disbursed about N1.12 trillion to 4.67 million farmers cultivating maize, rice, and wheat through 563 anchor companies,” Okafor stated.
He added: “The CBN claims the funds were channeled through 24 PFIs, but so far, we only have evidence from nine.
Some of these PFIs have reached out, but we are yet to receive substantial documentation from the majority.”
The committee is also demanding accountability from NIRSAL, which has reportedly disbursed N215,066,982,074.50 to support agriculture and agribusinesses across the country, and BOI, which facilitated funding to smallholder farmers via the agriculture value chain finance programme.
Okafor emphasized that the probe falls under the committee’s mandate to monitor and ensure transparency in the implementation of government interventions on food security and nutrition.
“One of our core responsibilities is to investigate how resources allocated to nutrition and food security are utilized.
This includes enforcing accountability among relevant Ministries, Departments, and Agencies (MDAs), proposing new legislation, and strengthening existing laws,” he added.
The lawmakers said the outcome of the investigation will determine the next legislative actions, including possible sanctions for institutions found culpable of mismanagement or non-compliance.
The Anchor Borrowers Programme was launched in 2015 by the Central Bank of Nigeria to provide farm input support to smallholder farmers as part of efforts to boost food production and reduce import dependence.
However, recent reports have raised questions about the effectiveness and transparency of the programme’s implementation.
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