Nigeria’s House of Representatives has accused the management of Nigeria Incentive-Based Risk Sharing System for Agricultural Lending of siphoning over N105bn meant for farmers in the country.
It, therefore, expressed its desire to investigate the N275bn the Federal Government-approved since 2009 for disbursement to farmers in various schemes to ensure national food security.
Moving the motion during Wednesday’s plenary, Chike Okafor, representing Ehime Mbano/Ihitte Uboma/Obowo constituency in Imo State, noted that the loans ranged from Commercial Agricultural Credit Scheme to NIRSAL to enable farmers produce more food.
The lawmakers lamented that since the approval of the loan, most farmers had not accessed the facility due to the rigid requirements from banks.
Aside improving food supply, the scheme was also meant to grant loans to large and small-scale farmers to reduce the prices of produce, create jobs and increase foreign exchange earnings.
Okafor noted that the country had not attained the expected food production level despite approval of the money to farmers, adding that diversification of the nation’s economy from oil to agriculture would not be achieved, if farmers failed to access the loans.
Consequently, the lawmakers mandated its Committee on Banking and Currency to investigate the disbursements and compliance with all credit facilities to farmers within six weeks.
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