House of Reps Launches Probe into Missing N1.12 Trillion Agric Funds
The House of Representatives has launched a major investigation into the alleged mismanagement of N1.12 trillion allocated for the Anchor Borrowers Programme (ABP), a key agricultural initiative aimed at boosting local food production across Nigeria.
During an investigative hearing on Tuesday at the National Assembly in Abuja, the House Committee on Nutrition and Food Security raised alarm over how the huge funds meant to support farmers were reportedly diverted or misused by various Ministries, Departments, and Agencies (MDAs).
Committee Chairman, Chike Okafor, disclosed that although the Central Bank of Nigeria (CBN) worked with 24 financial institutions to disburse the money, records were only available from nine of them. He emphasized the committee’s determination to track every naira released under the programme.
“We are probing how the Central Bank disbursed N1.12 trillion to 4.67 million maize, rice, and wheat farmers through 563 anchors. It is troubling that out of 24 banks involved, we only have data from nine,” Okafor stated.
The probe also covers how NIRSAL Microfinance Bank spent N215 billion on agribusinesses, and how the Bank of Industry distributed N3 billion to over 22,000 smallholder farmers through its agricultural value chain finance initiative.
Okafor stressed that the committee’s core responsibility is to ensure food and nutrition security by monitoring how resources are allocated and used. He said the findings from this probe would help improve laws and strengthen oversight to prevent future mismanagement.
He added that the House created the committee to support President Tinubu’s Renewed Hope Agenda and work with the executive to ensure Nigeria becomes a food-secure and nourished nation.
During the hearing, a representative from NIRSAL Microfinance Bank, Charles Bassey, pointed to insecurity as a major challenge. He said many loan beneficiaries were unable to return to their farms due to banditry and herdsmen attacks. Others faced issues such as flooding and drought, prompting some to request loan restructuring to enable repayment.
Sterling Bank’s Group Head of Agric Finance and Solid Minerals, Olushola Obikanye, stated that the bank has returned N113.49 billion to the CBN and cleared its obligations under the ABP. He assured the committee that the bank was no longer indebted to the scheme.
The ongoing investigation signals a firm stance by lawmakers to hold institutions accountable and ensure that public funds earmarked for agriculture and food security deliver real results to Nigerian farmers and communities.