Bashir Ahmad explains how farmers diverted FG loans into BDC, oil sector
yarkarkara
Bashir Ahmad, former special assistant on digital communications to the late President Muhammadu Buhari, has revealed that many intervention programmes aimed at supporting farmers during the last administration were severely mismanaged and exploited by beneficiaries.
Ahmad made the disclosure in a post on X (formerly Twitter) while reacting to public criticism of the federal government’s plan to issue food import waivers as a short-term solution to rising food prices.
One user, Yakubu Wudil, had questioned the rationale behind the waiver, suggesting that the government should instead subsidise fertilisers, fuel, and provide modern farm equipment for local farmers.
Responding, Ahmad said such interventions were already provided under Buhari through initiatives like the Anchor Borrowers’ Programme (ABP), but were undermined by corruption and misuse.
“Billions of Naira were allocated to farmers with the goals of achieving food security, reducing poverty, and curbing unemployment and insecurity,” Ahmad wrote.
Launched in 2015, the ABP was designed to link smallholder farmers with anchor companies to boost domestic food production. By 2023, the Central Bank of Nigeria (CBN) said it had disbursed ₦1.09 trillion under the programme.
Ahmad, however, claimed that many of the beneficiaries diverted the funds into non-agricultural ventures.
“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,” he said.
“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.”
In 2023, the International Monetary Fund (IMF) reported that only 24 percent of ABP loans had been repaid. The CBN, however, countered that the actual repayment rate was 52 percent.
Ahmad also addressed the controversial border closure policy under Buhari, which aimed to reduce food imports and boost local production. He acknowledged that the policy faced heavy criticism, but insisted it had positive outcomes.
“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,” he stated.
He accused several beneficiaries of forming cartels and manipulating the food supply chain.
“They didn’t help stabilize food prices. Instead, they formed cartels, manipulated supply and created artificial scarcity to make outrageous profits,” he said, adding that many are now under investigation by the Economic and Financial Crimes Commission (EFCC).
Ahmad said while he supports the recent food import waiver, it should not become a long-term strategy.
“It shouldn’t be the go-to option,” he said. “But it has become the only immediate relief available to reduce hunger and suffering in the short term.”
“The long-term solution still lies in reviving and properly monitoring agricultural interventions, but for now, the people need to feed, first.”
The post Bashir Ahmad explains how farmers diverted FG loans into BDC, oil sector appeared first on Vanguard News.
