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Home»Business & Economy»Reps Panel Threatens Sanctions As Banks, Agencies Snub Agricultural Subsidy Probe
Business & Economy

Reps Panel Threatens Sanctions As Banks, Agencies Snub Agricultural Subsidy Probe

Tanko LamiBy Tanko LamiFebruary 5, 20264 Mins Read
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ABUJA, Nigeria (VOICE OF NAIJA)-The House of Representatives ad hoc committee probing agricultural subsidies, intervention funds, aids, and grant programmes between 2015 and 2025 has criticised the continued disregard for its invitations by government agencies and financial institutions.

During an investigative hearing held on Wednesday at the National Assembly Complex in Abuja, the committee voiced strong dissatisfaction over the repeated failure of several invited organisations to honour its summons, warning that such conduct would no longer be tolerated.

Consequently, the committee ordered NIRSAL Microfinance Bank, the Central Bank of Nigeria, SunTrust Bank, Stanbic IBTC Bank, and the National Bureau of Statistics to appear without exception, cautioning that further non-compliance would force it to invoke the relevant provisions of the 1999 Constitution to compel their attendance.

The directive was issued by the committee’s chairman, Jamo Aminu, following repeated absences by the affected institutions despite several invitations.

“It is disheartening that despite repeated invitations from the House of Representatives to government agencies, some have refused to appear or have outrightly ignored this investigative process.

“On this premise, I am constrained to move a motion to compel NIRSAL MFB, the Central Bank of Nigeria, SunTrust Bank, Stanbic IBTC Bank, and the National Bureau of Statistics to appear before this committee,” he said.

READ ALSO: Nigeria Loses Over N13tn To FX Subsidy – World Bank

The committee is examining the implementation of key agricultural intervention initiatives, including the Anchor Borrowers Programme, the Agribusiness/Small and Medium Enterprise Investment Scheme, the Accelerated Agricultural Development Scheme, and the Nigerian Electricity Stabilisation Fund.

In addition to condemning the absence of some institutions, the panel expressed dissatisfaction with the quality of submissions made by Jaiz Bank, Unity Bank, and Access Bank.

Although representatives of these banks were present at the hearing, the committee observed that their submissions were neither comprehensive nor satisfactory.

As a result, the committee directed that the chief executives of all the affected institutions appear in person before it.

The banks were also instructed to submit detailed documentation strictly in accordance with the committee’s guidelines.

“This committee will not accept half-truths, cosmetic compliance, or administrative evasions,” the chairman warned, stressing that the submission of misleading or falsified records would attract sanctions under Sections 88 and 89 of the 1999 Constitution (as amended).

Explaining the purpose of the investigation, Aminu said, “Our focus is not merely on how much was released, but how the funds were applied, who benefited, what was achieved, and what value accrued to the Nigerian people.”

He added that the committee would carry out forensic audits and on-the-spot inspections of ministries, agencies, banks, and project sites to verify claims and confirm the existence and impact of projects funded under the schemes.

Earlier, the committee’s deputy chairman, Sunday Umeha, said the probe was necessary to address growing public concerns over the performance of various agricultural intervention programmes.

“There can be no national security without food security. It is unacceptable that trillions of naira were committed to agriculture with little impact on food security, rural livelihoods, and import dependence,” he said.

READ ALSO: FG Injects N1.5tn Into Bank Of Agriculture To Boost Wealth Creation

He called on all invited agencies to submit relevant documents to assist the committee in fulfilling its mandate, warning that any institution that failed to honour the summons would face legal consequences.

“No institution is above the law. No agency is immune from oversight,” he warned.

The House of Representatives constituted the ad hoc committee amid increasing public concern over the effectiveness, transparency, and accountability of federally funded agricultural intervention programmes.

Within the period under review, the Federal Government disbursed substantial funds through the Central Bank of Nigeria, deposit money banks, and development finance institutions to enhance food production, support smallholder farmers, reduce reliance on imports, and stabilise the economy.

However, rising food inflation, worsening food insecurity, and continued dependence on agricultural imports have raised questions about how the funds were disbursed and utilised.

The investigation is expected to evaluate compliance with programme guidelines, identify beneficiaries, track project outcomes, and recommend sanctions or policy reforms where cases of abuse, mismanagement, or inefficiency are established.

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Tanko Lami

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