The House of Representatives yesterday began investigation into the management of N12 trillion injected into Nigeria’s Development Finance Institutions (DFIs) in the past seven years.

Speaking at the event, Chairman of the Committee, Chidi Mark Obetta, said the investigation would take a deep and objective look into how public funds meant to drive industrialisation, agricultural development, small and medium enterprise empowerment and infrastructural growth have been utilised by the DFIs.

Obetta disclosed that preliminary public reports and sector commentaries suggest that inflows into Nigeria’s DFIs over the last seven years, including government capital injections, budgetary appropriations, bond issuances, concessional loans, and donor funding, are in excess of N12 trillion

. He stressed that this figure remains indicative and subject to verification, adding that the committee would request audited and itemised inflow and utilisation data from each DFI during the course of its investigation.

He said the committee’s work was a response to rising public concern over the transparency, impact, and accountability of the institutions which were established to bridge financing gaps not covered by commercial banks and to serve as engines of inclusive development.

He noted that Development Finance Institutions such as the Bank of Industry, Bank of Agriculture, Nigeria Export-Import Bank, Infrastructure Bank, Nigeria IncentiveBased Risk Sharing System for Agricultural Lending, and the Development Bank of Nigeria, among others, have been pivotal to the country’s economic strategy.