By Kingston Magare 28-7-2025
A vast majority of the Nigerian farmers who obtained agricultural loans during the late President Muhammad Buhari regime ploughed the funds into other ventures and luxury life style.
A former presidential aide Bashir Ahmad disclosed that the loans under the Anchor Borrowers’ Programme, which was initiated by late Buhari in 2015, failed to yield its desired goal of robust food production due to the farmers non diligent use of the funds.
Mr. Ahmad made the disclosure while responding to a social media user Yakubu Wudil on X. Yakubu had queried the decision of President Bola Tinubu’s government to offer import waivers as part of measures to crash food prices.
Wudil argued that the government should have introduced measures such as subsidising fertilisers, gasoline, and providing modern farm equipment for the farmers.
In response, Ahmad wrote:
“Billions of Naira were 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,” he said.
In 2023, the Central Bank of Nigeria (CBN), said it disbursed N1.09 trillion under the programme since its inception.