House Of Reps Begins Investigation Into Rising Food Prices Despite Interventions

Nigeria’s House of Representatives has commenced investigation into the utilisation of government interventions and agricultural funding by various ministries, departments, and agencies from 2017 to 2024.

This is as the House Committee on Nutrition and Food Security, declared open a public hearing aimed at investigating the scope adopted in utilising intervention funds provided by the Central Bank of Nigeria, Bank of Industry, National Agricultural Development Fund, Nigeria Agricultural Quarantine Service, Agricultural Research Council of Nigeria, National Agricultural Land Development Authority, NIRSAL Micro-finance Bank, Fertilizers Producers and Suppliers Association of Nigeria, Nigeria Incentive-based Risk Sharing System for Agricultural Lending PLC, Bank of Agriculture, National Agricultural Seed Council, among others.

Chairman of the Committee, Chike Okafor, in his opening remarks, assured all stakeholders that the investigative hearing is not a witch-hunt but a call for transparency towards identifying systemic failures, and ensure that public funds allocated for agricultural development are utilized transparently and effectively.

Okafor expressed displeasure that Nigeria continues to grapple with food scarcity, rising food prices, and malnutrition despite the huge sums of money budgeted and disbursed over the years for agricultural programs

He maintained that if the funds had been judiciously spent, Nigeria would not be facing the current crisis where millions struggle to afford basic meals.

The lawmakers outlined to stakeholders at the hearing the mandate given by the House, which includes

● Unravelling how Central Bank of Nigeria, through the Anchor Borrowers Program, disbursed about 1.12 trillion naira to 4.67 million farmers involved in either maize, rice or wheat farming through 563 anchors.

● How Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) disbursed 215 billion to facilitate agriculture and agrobusinesses.

The Committee appealed for stakeholders’ cooperation, honest disclosures, and actionable recommendations, insisting that the Nigerian people deserve to know how their resources are being used

Stakeholders were encouraged to provide the committee with proof of the following:

● Funds received by the bank from the federal government, other agencies, or intervention schemes

● Name, addresses, and contact persons of relevant donor partners collaborating with the bank

● Name, addresses, and contact details of anchors who disbursed funds for the Anchor Borrowers Program to millions of farmers involved in either maize, rice or wheat farming

● Other agricultural related loans disbursed within the period under review

● List of beneficiaries according to states and geopolitical zones

● Terms and conditions of the loans, including recovery plan, where necessary

● Performance of the Bank in achieving food security and nutrition

● Key food security activities/programmes, including projects undertaken or ongoing either separately or in collaboration with other partners with date, venue, beneficiaries and possible cost implication, etc

● Projected activities, programmes, and projects for the 2025 fiscal year with date, venue, sources of funding, and cost estimate in relation to enhancing food security and nutrition.

Governor of the Central Bank of Nigeria, Olayemi Cardoso, represented by an acting director, Kwasari Harman, told the committee that 1.21 trillion naira and another 871 billion naira were disbursed by the apex bank to all commercial banks in the country under the Anchor Borrowers scheme of the previous administration.

The committee threatened to issue a warrant of arrest on all affected agencies of government over their absence at the investigative hearing to explain their role in the Anchor Borrowers Scheme and other policies of the federal government Agriculture Programs

Editor:Anoyoyo Ogiagboviogie