The House of Representatives Committee on Nutrition and Food Security on Tuesday said it is set to investigate how the Central Bank of Nigeria (CBN), through the Anchor Borrowers Programme (ABP), disbursed about ₦1.12 trillion to 4.67 million Farmers cultivating maize, rice, or wheat, through 563 anchor institutions.

The committee also vowed to scrutinize how the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) disbursed ₦215.07 billion to support agriculture and agribusinesses, and how the Bank of Industry (BOI) disbursed ₦3 billion to 22,120 smallholder farmers under the Agriculture Value Chain Financing (AVCF) programme.

Additionally, the BOI financed 49 agro and food processing businesses with ₦59.4 billion in loans.

Chairman of the committee, Chike Okafor, disclosed this at the commencement of the investigative hearing held at the National Assembly.

He noted that in 2023, the Federal Government launched a ₦5 billion loan facility for livestock farmers through the Bank of Agriculture, and the committee aims to ascertain the current status and impact of the programme.

“In March 2024, the National Agricultural Development Fund inaugurated a ₦1.6 billion Recovery Fund for the Ginger Blight Epidemics Central Task Force (GBECT) to combat the blight disease affecting ginger crops. We are also reviewing other interventions by relevant agencies to promote agricultural development and food security,” he added.

Okafor emphasized that one of the key oversight responsibilities of the committee is to ensure the effective implementation of intervention programmes by relevant ministries, departments, and agencies tasked with enhancing food security and nutrition.

He stressed that the investigation aims to determine whether the substantial funds allocated for food production have been judiciously utilized.

Okafor also issued a warning to agencies that failed to appear before the committee, stating that warrants of arrest may be issued against them.

He named the agencies that failed to honour the invitation as the Bank of Industry (BOI), Nigeria Agricultural Quarantine Service (NAQS), National Agricultural Land Development Authority (NALDA), National Agricultural Seed Council, and NIRSAL Microfinance Bank.

While the Managing Director of BOI sent a letter to the committee requesting to be excused due to official travel, Okafor said other absent agencies must appear before the panel without fail.

Representing the CBN Governor, Olayemi Cardoso, at the hearing, was Acting Director Kwasari Harman, who disclosed that the apex bank disbursed ₦1.21 trillion and ₦871 billion, among other figures, under the Anchor Borrowers Programme.

He added that all commercial banks in the country received funds from the Federal Government under the ABP during the previous administration.