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By Oscar Okhifo
Former presidential aide, Bashir Ahmad, has alleged that billions of naira disbursed under the Buhari administration’s Anchor Borrowers’ Programme (ABP) were misappropriated by beneficiaries who diverted the funds into foreign exchange trading, oil and gas businesses, and other non-agricultural ventures.
Ahmad, who served as Special Assistant on Digital Communications to ex-President Muhammadu Buhari, made the allegation on Monday via his official X (formerly Twitter) handle, expressing concern over how the original objectives of the programme were derailed by widespread abuse.
“Some farmers received loans running into billions of naira, but instead of investing the money in agriculture, many diverted the funds to other sectors like oil and gas, bureau de change, and other luxury ventures,” he said.
He further accused some beneficiaries of hoarding harvested farm produce to artificially create scarcity and drive up prices, describing the practice as a form of cartel behaviour.
The ABP, launched by the Central Bank of Nigeria (CBN) in 2015, was designed to boost food production, reduce imports, and empower smallholder farmers.
By 2023, over ₦1.09 trillion had been disbursed to more than 4.6 million farmers. However, loan repayment has been a major issue, with the International Monetary Fund (IMF) reporting only 24 percent recovery, although the CBN claims over 52 percent has been repaid.
As of May 2025, ₦311 billion in loans remained unpaid, sparking fresh scrutiny.
The House of Representatives and other oversight bodies have since launched investigations into the disbursement and utilization of the funds. There’s possibility of the probe yielding zero results like the ones before.
Despite growing public outrage, many of those who diverted or misused the funds are yet to face any legal consequences. If these are not serious economic crimes, then what? Critics have blamed weak enforcement mechanisms, poor oversight, and lack of political will for the failure to bring offenders to justice.
Anti-corruption agencies such as the EFCC and ICPC have been accused of selective prosecution, while several investigations have stalled due to alleged political interference.
Legal experts say the judicial process is slow and often compromised by bureaucracy or corruption, leading to prolonged delays in prosecution. This, many believe, emboldens impunity and sends a dangerous message that public funds can be misused without consequence.
Ahmad acknowledged that while the ABP achieved modest success in areas like rice production, its long-term potential was undermined by the failure to hold defaulters accountable and recover diverted funds. Again, why are these failures always there?
“The long-term benefits of the programme were sabotaged by those who saw it as an opportunity to enrich themselves instead of boosting food production,” he said.
There is now growing demand from citizens and civil society groups for a comprehensive audit of the programme and firm action against those who misused the loans. Stakeholders are urging the Government to strengthen anti-corruption institutions, ensure transparency in loan disbursement, and recover all outstanding funds to restore public trust and support the struggling economy. Nigerians await whether those who committed these heinous crimes against the state will be left to keep enjoying their humongous proceeds of crime.