The House of Representatives has intensified its investigation into the alleged mismanagement of over ₦2 trillion allocated to agricultural intervention programmes in the last eight years, summoning key financial institutions and government agencies to account for the funds.
The probe led by the Committees on Nutrition and Food Security, Agricultural Production and Services, Agricultural Colleges and Institutions, and Finance seeks to determine how the substantial funds released to boost Nigeria’s agricultural productivity were utilized, despite persistent food shortages and escalating food prices across the country.
At the centre of the inquiry are the Central Bank of Nigeria (CBN), NIRSAL Plc, the Bank of Agriculture (BOA), and the Bank of Industry (BOI). Lawmakers are scrutinizing the CBN’s Anchor Borrowers’ Programme (ABP), which disbursed about ₦1.12 trillion to more than 4.6 million farmers through 563 anchor companies. NIRSAL Plc is also being questioned over ₦215 billion released to agribusinesses, while BOA and BOI face queries over various agricultural loans extended to smallholder farmers.
The joint committees have requested full documentation from the agencies, including breakdowns of beneficiary farmers, loan agreements, repayment records, and details of anchor companies involved in the programmes. Lawmakers say that despite the vast investment, agricultural productivity has not improved proportionately, pointing to possible diversion, inefficiency, or poor oversight.
Chairman of the investigative panel, Hon. Chike Okafor, stressed that the aim is not to target individuals but to strengthen accountability and ensure public funds deliver value. According to him, the probe will help close systemic gaps and inform reforms needed to improve agricultural financing in Nigeria.
Some institutions have begun presenting their defenses. Representatives of NIRSAL Microfinance Bank cited insecurity, floods, and drought as major obstacles affecting farmers’ output and loan repayment. Participating financial institutions such as Sterling Bank noted that they have fully repatriated all funds managed under the ABP to the CBN.
As the investigation progresses, analysts and stakeholders say its findings could significantly influence future agricultural funding policies and restore confidence in government-led intervention programmes. Visit www.jocomms.com for more news.
