Reps Investigate N174.26bn Agricultural Fund Delays

The House of Representatives, through its committee on agricultural products and services, is set to investigate the non-release of N174.26 billion in agricultural intervention funds. The committee, chaired by Hon.

Bello Ka OJ from Kogi State, has been tasked to probe the circumstances surrounding this issue, which has significant implications for Nigeria's agricultural sector. The investigation comes after Nigeria negotiated a loan of $134 million with the African Development Bank in February 2023 to support its agricultural growth scheme, specifically the Agro Pocket (NAG) project, with an outstanding balance of N55.30 billion yet to be disbursed.

Additionally, a loan of 15 billion Japanese yen from the Japan International Cooperation Agency is expected to be released in April 2024, with the first tranche of 12 billion yen (approximately N118.96 billion) scheduled for disbursement in March 2025. Delays in releasing these funds have already caused farmers to miss the planting season, posing a significant risk to the 2026 farming season and potentially jeopardizing an additional $200 million in funding from the African Development Bank.