How farmers diverted Buhari-led FG’s loans into BDC, oil sector
How farmers diverted Buhari-led FG’s loans into BDC, oil sector
— Bashir Ahmad
Bashir Ahmad, former special assistant on digital communications to late President Muhammadu Buhari, has revealed that many of the intervention programmes targeted at farmers under the previous administration “were grossly abused”.
Ahmad made the statement in a post on X, while reacting to a comment by Yakubu Wudil who questioned the federal government’s decision to introduce import waivers as a way to bring down food prices.
Wudil had argued that rather than offering waivers, the government should prioritise “subsidising fertilizers, gasoline, and provide modern farm equipment for our farmers”.
Responding, Ahmad explained that several of the interventions highlighted by Wudil were already implemented during the Buhari administration through programmes such as the Anchor Borrowers’ Programme (ABP), which was launched in 2015 to link processing companies with smallholder farmers of key agricultural commodities.
In 2023, the Central Bank of Nigeria (CBN) disclosed that it had disbursed N1.09 trillion under the scheme since its inception.
“Billions of Naira were allocated to farmers with the goals of achieving food security, reducing poverty, and curbing unemployment and insecurity,” Ahmad said.
“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.”
While the International Monetary Fund (IMF) reported in 2023 that only 24 percent of the loans had been repaid, the CBN countered, stating that 52 percent of the funds had been recovered.
On the Buhari administration’s controversial border closure policy, Ahmad said the directive — intended to encourage local production — was misunderstood, despite yielding visible results.
“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,” Ahmad said.
“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 those beneficiaries are currently under investigation by the Economic and Financial Crimes Commission (EFCC).
Ahmad also said he supports the current food import waiver policy, though he acknowledged it “shouldn’t be the go-to option”.
He added that the government has had to make tough decisions given the prevailing economic conditions, especially in light of “the betrayal of trust by key players in the local value chain”.
“It has become the only immediate relief available to reduce hunger and suffering in the short term,” he said.
“The long-term solution still lies in reviving and properly monitoring agricultural interventions, but for now, the people need to feed, first.”
