The House of Representatives has initiated a formal investigation into the alleged diversion and mismanagement of N1.12 trillion disbursed under the Central Bank of Nigeria’s Anchor Borrowers’ Programme (ABP), a flagship agricultural intervention scheme designed to boost food production and support smallholder farmers.
During plenary on Tuesday, the lawmakers expressed concern over growing reports of misappropriation, non-repayment, and lack of transparency in the distribution and utilization of the funds, which were meant to empower farmers and enhance national food security.
Chairman of the House Committee on Agricultural Production and Services, Hon. Ahmed Jaha, said the probe is aimed at uncovering how such a significant amount could be disbursed with little evidence of impact on the country’s agricultural output.
“We owe it to the Nigerian people to understand how over N1 trillion meant to support farming activities has been mismanaged or possibly diverted,” Jaha said. “This programme was designed to lift millions out of poverty, but we are seeing a different reality.”
The lawmakers resolved to summon key officials of the Central Bank of Nigeria, the Ministry of Agriculture, and participating financial institutions for questioning. They also plan to scrutinize the identities of beneficiaries, repayment records, and project implementation outcomes across all 36 states.
The Anchor Borrowers’ Programme, launched in 2015, was intended to link anchor companies with smallholder farmers to increase agricultural output and reduce food imports. However, recent audits and field reports have raised red flags over accountability, with some beneficiaries allegedly untraceable and several projects underperforming or abandoned.
Analysts have long warned that the lack of robust monitoring and enforcement mechanisms could undermine the objectives of such interventions.
The House has set up an ad hoc committee to lead the investigation and is expected to deliver its findings within eight weeks.
