N1.12tn misused agric funds: Reps begin probe…NIRSAL Microfinance Bank, Bank of Industry under investigation

Reps

The House of Representatives Committee on Nutrition and Food Security on Tuesday commenced a probe into how the N1.12 trillion meant for the execution of the Anchors Borrowers Programme was allegedly diverted by Ministries, Departments, and Agencies.

The panel is also investigating the NIRSAL Microfinance Bank regarding how it spent N215 billion on agribusinesses, as well as the Bank of Industry over the disbursement of N3 billion to 22,120 smallholder farmers through the agriculture value chain financing programme.

Speaking at the investigative hearing in Abuja, the Chairman of the Committee, Chike Okafor, expressed concern that of the 24 participating financial institutions involved in disbursing the money for the ABP, they only had evidence from nine institutions.

He said, “We are probing how the Central Bank of Nigeria, through the Anchors Borrowers Programme, disbursed about N1.12 trillion to 4.67 million farmers involved in maize, rice, or wheat farming through 563 anchors.

So “The CBN should note that we are aware it has about 24 participating financial institutions through which it disbursed these humongous amounts. I am also aware that you (CBN) have written to all 24, but we have evidence of only nine. Please, note this.

“Secondly, we are probing how NIRSAL disbursed N215 billion so far to facilitate agriculture and agribusinesses, and also the Bank of Industry on how it disbursed N3 billion to 22,120 smallholder farmers through the agriculture value chain financing programme.

“One of the key oversight mandates of the Committee on Nutrition and Food Security is to ensure proper implementation of intervention programmes by relevant MDAs and government agencies related to food security and nutrition.

“We are involved in the investigations and monitoring of resource allocation, advancement of new laws, and strengthening of existing ones, among others, on matters related to nutrition and food security.