Billions of naira allocated for agricultural development under Nigeria’s previous administration were diverted to unrelated ventures, a former presidential aide has revealed. The funds, meant to support farmers through initiatives like the Anchor Borrowers’ Programme (ABP), were often misused by recipients who either abandoned farming altogether or hoarded produce to exploit price surges.
In a series of posts on X, Bashir Ahmad, who served as special assistant on digital communications to late President Muhammadu Buhari, criticised what he called the betrayal of government trust by key players in the agricultural sector. His remarks followed a debate over the federal government’s decision to introduce food import waivers to address rising food prices.
According to Ahmad, “some farmers received as much as ₦6 billion in loans, but invested in oil and gas, currency trading, or luxury businesses rather than farming. Those who did farm hoarded their produce, waiting for prices to rise before selling — leaving the masses to suffer.”
The ABP, launched in 2015 by the Central Bank of Nigeria (CBN), aimed to connect smallholder farmers with processing companies to boost local production. While the CBN claimed ₦1.09 trillion had been disbursed by 2023, repayment rates remain contested. The International Monetary Fund (IMF) put recoveries at 24 percent, though the CBN countered with a 52 percent repayment rate.
Ahmad acknowledged that the Buhari administration’s border closure policy — designed to reduce imports and stimulate domestic production — was widely misunderstood. “Even when signs of progress were evident, the policy faced constant attack. Rice imports dropped and many Nigerians escaped extreme poverty,” he said.
However, he blamed the failure to stabilise food prices on collusion among beneficiaries. “They formed cartels, created artificial scarcity, and manipulated the market to make outrageous profits,” he stated, adding that some individuals are now under investigation by the Economic and Financial Crimes Commission (EFCC).
Though known for supporting local production, Ahmad expressed support for the current government’s food import waiver plan, describing it as “the only immediate option to reduce hunger” due to the failures of past interventions.
“The long-term answer lies in reviving and strictly monitoring agricultural schemes,” he said. “But in the short term, people need to eat.”
