The Anchors Borrowers Programme (ABP) expenditures totaled $1. 11 trillion, according to the House of Representatives Committee on Nutrition and Food Security.
The committee is also looking into the NIRSAL Microfinance Bank’s $ 215 billion investment in agro-businesses as well as the Bank of Industry’s $ 3 billion grant to 22, 120 smallholder farmers through the agriculture value chain financing program.
During an investigation hearing on the alleged misuse of government interventions and agricultural funding by federal government departments, agencies, schemes, and programs, the committee’s chairman, Chike Okafor, expressed concern that of the 24 participating financial institutions (PFIs), only nine of the institutions had evidence to support their claims.
Read more about CBN’s affirmation of the strength of the Nigerian banking sector.
He claimed that one of the committee’s main oversight responsibilities is to ensure the effective implementation of government intervention programs in the areas of food security and nutrition.
He continued, “We are looking into how the Central Bank of Nigeria distributed about 1.1 trillion to 4.67 million farmers who work in maize, rice, or wheat through 563 anchors.
We are aware that you have about 24 participating financial institutions (PFIs) through which to distribute these astronomical sums, The CBN should take note. You have written to 24 of them, which is unusual, but we only have nine of them, as I am aware of. So, take note. Additionally, some of those PFIs have attempted to contact them.
Second, we are looking into how the Bank of Industry, along with NIRSAL, has already disbursed N215, 066, 982, and 074.50 to 22 smallholder farmers through the agriculture value chain financing program.
“One of the Committee on Nutrition and Food Security’s key oversight mandates is to ensure the proper execution of intervention programs by relevant Ministries, Departments, and Agencies (MDAs) and government agencies in the fields of food security and nutrition.” Including investigations into nutrition and food security, monitoring of resource allocation, the development of new laws, and strengthening existing ones, among others.
According to the House’s standing order, “These are fully enshrined in the committee’s jurisdiction.” Please take note that the current administration‘s renewed hope agenda included nutrition and food security as two unrelated issues that cannot be separated.
The establishment of this committee on nutrition and food security is a legislative move to address these issues and promote the development of a food-secured and nourished populace in Nigeria, he added.
Insecurity, according to a NIRSAL Microfinance Bank representative, poses a significant risk to the successful operation of their loan program.
He claimed that they carefully considered laid-down guidelines when determining who was qualified to receive the intervention.
According to Bassey, “We distributed these funds based on those guidelines.” Insecurity challenges are some of the issues they have covered in their writings. A few of them had complained that because of the banditry and herdsmen’s experience, they were unable to return to the farms after investing in agricultural business.
And these prevented them from extending their harvesting and seasonal interventions. Some cited other factors that affected them, such as flooding and drought. A few of them, according to Bonney, actually requested that the loan facility be restructured so they could pay their balances on time.
Sterling Bank, Olushola Obikanye, the group head of Agric Finance and Solid Minerals, reported that they had repatriated 113, 490, 756, and 332.54 to the CBN and were not due under the scheme.
The total funds returned to the Central Bank of Nigeria are therefore the sum of both the returned und returned funds that were disbursed. The total funds repatriated to the central bank stood at ₦113, 490, 756, 332.54. And Sterling Bank is still due under this scheme an outstanding sum of zero naira and zero kobo, he said.
Source: Channels TV
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