By Yinka Kolawole
The former Special Assistant on Digital Communications to late President Muhammadu Buhari, has alleged that many of the intervention programmes for farmers during the last administration were diverted by some of the beneficiaries into oil and gas, bureau de change (BDC), and other luxury ventures.
Bashir Ahmad disclosed this in a post on X in response to one Yakubu Wudil who questioned the federal government’s decision to offer import waivers as part of measures to crash food prices.
Wudil argued that the government should have rather invested in “subsidising fertilizers, gasoline, and provide modern farm equipment for our farmers”.
Ahmad, however, replied that said some of the interventions highlighted by Wudil were provided by the Buhari-led administration through initiatives such as Anchor Borrowers’ Programme (ABP), but were “grossly abused” by some farmers.
“Billions of Naira was allocated to farmers with the goals of achieving food security, reducing poverty, and curbing unemployment and insecurity.
“Some farmers received loans running into billions, some even up to ₦6 billion, but instead of investing in agriculture, many diverted the funds to other sectors like oil and gas, bureau de change, and other luxury ventures.
“Those who actually farmed, after harvesting, they hoarded their produce, waiting for prices to spike so they could make exaggerated profits, at the expense of the same masses the initiative was meant to support,” Ahmad said.
The ABP initiative was launched by the Central Bank of Nigeria (CBN) in 2015 to create a linkage between anchor companies involved in the processing and small holder farmers of the required key agricultural commodities.
The International Monetary Fund (IMF) had said in 2023 that only 24 percent of loans collected by farmers under the ABP had been repaid, but CBN countered by stating that 52 percent had been repaid.
On the border closure directive of the Buhari administration, Ahmad said the policy was aimed at encouraging local production, but misunderstood.
He stated: “The policy was misunderstood and widely attacked – even when the signs of success were evident, rice importation dropped and many Nigerians were pulled out of extreme poverty.
“The unfortunate truth is that the beneficiaries of the initiatives failed the government and the people. They didn’t help stabilize food prices. Instead, they formed cartels, manipulated supply and created artificial scarcity to make outrageous profits.”
He noted that many of the beneficiaries are currently being investigated by the Economic and Financial Crimes Commission (EFCC).
The post Anchor Borrowers: Farmers diverted loans into BDC, oil sector – Buhari’s ex-aide appeared first on Vanguard News.
