Where Did The Billions Go? Reps Tear Into Agric Agencies Over Hunger Epidemic

Where Did The Billions Go? Reps Tear Into Agric Agencies Over Hunger Epidemic

The House of Representatives has kicked off a major investigation into how billions of naira meant for agricultural development were spent between 2017 and 2024—despite the alarming rise in food prices across the country……..READ MORE 

Leading the charge, the House Committee on Nutrition and Food Security opened a public hearing to examine the usage of intervention funds released to key institutions such as the Central Bank of Nigeria (CBN), Bank of Industry, National Agricultural Development Fund, and others.

Committee Chairman, Hon. Chike Okafor, made it clear: this isn’t a witch-hunt. The goal, he said, is to promote transparency, uncover failures in the system, and confirm whether the huge funds were actually used to benefit Nigerians.

Okafor expressed deep concern over the country’s worsening food insecurity, malnutrition, and soaring prices—even after large government investments in agriculture.

> “If these funds had been used properly, we wouldn’t be in this food crisis,” he lamented.

Key areas under investigation include:

How the CBN disbursed ₦1.12 trillion to 4.67 million farmers under the Anchor Borrowers Program

How NIRSAL distributed ₦215 billion to support agribusinesses

Full records of funds received, names and details of partner agencies, anchor firms, and farmers

Loan terms, conditions, and recovery strategies

Impact assessment on food security and nutrition across states and geopolitical zones

The Central Bank Governor, Olayemi Cardoso, represented by Acting Director Kwasari Harman, revealed that the CBN had disbursed a total of ₦2.08 trillion to commercial banks under the program.

However, the hearing wasn’t without drama. Several agencies invited to testify failed to show up. The Committee has now threatened to issue arrest warrants to any officials who ignore the summons and refuse to explain their roles in the multi-billion-naira agricultural schemes.

As the food crisis worsens, all eyes will be on the outcome of this investigation—will it lead to reforms or just another forgotten probe?