Nigerian Reps Threaten Banks and Agencies Over Agricultural Subsidy Probe

The Nigerian House of Representatives has issued a warning to banks and government agencies for disregarding invitations to appear before an ad hoc committee investigating agricultural subsidies and intervention funds from 2015 to 2025. The committee expressed dissatisfaction with the continuous absence of institutions like NIRSAL Microfinance Bank, the Central Bank of Nigeria, SunTrust Bank, Stanbic IBTC Bank, and the National Bureau of Statistics. Despite multiple invitations, these entities failed to provide comprehensive information required by the committee, prompting the committee to direct them to comply or face legal consequences.

The investigation focuses on major agricultural intervention schemes, including the Anchor Borrowers Program, Agribusiness Small and Medium Enterprises Investment Scheme, and Accelerated Agriculture Development Scheme. The committee aims to assess compliance with program guidelines, track beneficiaries, and recommend policy reforms to address mismanagement and inefficiencies in fund utilization. The probe seeks to ensure accountability in the allocation of funds to benefit Nigerian farmers and enhance food security.