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House Of Reps Launches Probe Into N2 trillion Anchor Borrowers’ Scheme

The House of Representatives has initiated an investigation into the alleged misappropriation of N2trillion disbursed through the Central Bank of Nigeria’s Anchor Borrowers Scheme during former President Muhammadu Buhari’s regime. The scheme aimed to boost food production and security.

Anchor Borrowers Scheme: A Closer Look

The Anchor Borrowers Scheme is an initiative by the Central Bank of Nigeria (CBN) to provide loans to smallholder farmers and agricultural entrepreneurs. The scheme aims to boost food production and security by providing access to funding for farmers to purchase inputs, equipment, and other resources needed to improve their yields. The scheme is designed to promote agricultural development, improve food security, and reduce poverty in rural communities.

Motion Sponsored by Representative Chike Okafor

The investigation follows a motion sponsored by Representative Chike Okafor, who expressed concerns about escalating food scarcity and malnutrition despite significant agricultural funding. The motion alleged mismanagement of funds and abuse of programs, leading to food scarcity and malnutrition.

Allegations suggests that the funds disbursed were not used for their intended purpose, such as supporting farmers and agricultural projects, but were instead diverted for other uses, leading to a lack of accountability and transparency.

Joint Committees to Conduct Investigation

The joint committees on Nutrition and Food Security, Agricultural Production and Services, Agricultural Colleges and Institutions, and Finance will conduct the investigation.

The committees are mandated to within four weeks come up with detailed report which will facilitate further legislative actions.

This Article is Fact-Checked. See Policy.

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