House Of Reps To Probe The Whereabouts Of N200B Agric Development Fund

ABUJA, April 14, (THEWILL) - The House of Representatives said it is set to investigate the whereabouts of the N200 billion Agricultural Development Fund.

The fund which is meant for the development of agriculture in the country is said to have been diverted into a private interest yielding account in a commercial bank making it inaccessible to farmers.

Chairman House Committee on Agriculture Honourable Makanjuola Peters in an interview Wednesday said the House is deeply worried over the matter adding that his committee has resolved to investigate the whereabouts of the money.

The committee, which has been on oversight tour of agricultural facilities in the country said genuine farmers have not been able to access, the funds meant to improve their productivity and enhance food security in the country.

He said the House would use its powers and connections to get to the root of the matter adding that any person found culpable will be made to face the wrath of the law.

The Fund also called the Commercial Agriculture Credit Scheme (CACS) was initiated by the Central Bank of Nigeria (CBN) in collaboration with the Federal Ministry of Agriculture and Water Resources to better food production in the country.

It is principally meant as loans to farmers to boost food production against the backdrop of the global economic crisis.

The Scheme involved the establishment of a N200 billion Bond ($150 million), through the Debt Management Office (DMO) for agricultural development.