Reps committee begins probe into N1.12tn Anchors Borrowers Programme fund, querying disbursements by CBN, NIRSAL and BOI to farmers and agrobusinesses

[dropcap]A[/dropcap]nchors Borrowers Funds Probe has been formally launched by the House of Representatives Committee on Nutrition and Food Security following concerns over the alleged diversion of N1.12 trillion intended for agricultural development.

Also read: Tinubu urges African nations to leverage sovereign wealth funds for regional development

The probe aims to uncover how funds channelled through the Central Bank of Nigeria and other agencies were utilised under the Anchors Borrowers Programme.

At the investigative hearing held in Abuja on Tuesday, Committee Chairman Chike Okafor disclosed that while 24 financial institutions were designated to disburse the intervention funds, evidence had only been obtained from nine of them.

The funds, meant for 4.67 million farmers cultivating maize, rice and wheat, were reportedly released through 563 anchor bodies across Nigeria.

Hon. Okafor questioned the transparency of the entire process, stating that the committee was also investigating how NIRSAL Microfinance Bank utilised N215 billion for agribusiness interventions.

Furthermore, the Bank of Industry’s role in disbursing N3 billion to over 22,000 smallholder farmers under the agriculture value chain programme is also under scrutiny.

In response, a representative of NIRSAL, Charles Bassey, cited insecurity and natural disasters as major setbacks to the success of the loan scheme.

He explained that beneficiaries, after receiving funds, often faced banditry and herdsmen violence, which prevented them from accessing their farms.

Some also encountered severe flooding and drought, forcing many to request for loan restructuring.

Sterling Bank’s Group Head of Agric Finance, Olushola Obikanye, offered clarity on his bank’s involvement,

affirming that they had remitted N113.49 billion back to the Central Bank and held no outstanding debt under the scheme. He noted that this total included both undisbursed and recovered funds.

Chairman Okafor emphasised that the formation of the Nutrition and Food Security Committee reflects the National Assembly’s intention to collaborate with the executive and private sector towards ending hunger and malnutrition.

He reaffirmed the need for accountability and efficiency in delivering support to farmers in a country facing serious food security challenges.

Also read: Federal fiscal accountability probe summons finance minister, CBN governor

As the probe continues, Nigerians await more revelations on the handling of the multi-trillion-naira agricultural intervention programme, which was initially designed to boost food production and create rural prosperity.