CBN’s Anchor Borrowers’ Programme Rocked By Scandal – Bashir Ahmad Reveals Sh*cking Diversions

Bashir Ahmad, a former presidential media aide under ex-President Muhammadu Buhari, has revealed that many Nigerians who accessed loans through the federal government’s Anchor Borrowers’ Programme (ABP) misused the funds, diverting them away from agriculture.....KINDLY READ THE FULL STORY HERE▶

Ahmad explained that instead of investing in farming, several beneficiaries redirected the money into sectors such as oil and gas, currency trading (bureau de change), and even luxury ventures.

He made the disclosure while reacting to a post on (formerly Twitter) by a user, Yakubu Wudil, who criticized the current government’s decision to issue import waivers to lower food prices. Wudil suggested that alternative strategies, like subsidizing fertilizers, fuel, and providing modern farming tools, would be more effective.

In his response, Ahmad recounted the misuse of funds by some farmers during the Buhari-era ABP, stating that while some outrightly diverted the loans, others who did engage in farming hoarded their produce after harvest. They reportedly waited for market prices to surge before selling, prioritizing profits over national food security and public welfare.

“Billions were allocated to boost agriculture, ensure food security, and tackle poverty and unemployment,” he said. “Some individuals received as much as ₦6 billion, yet diverted the funds into non-agricultural sectors. Those who actually farmed later hoarded their harvests, aiming to exploit price hikes, which ultimately undermined the programme’s purpose.”

The Anchor Borrowers’ Programme, introduced in 2015, was designed to link anchor processing companies with smallholder farmers growing critical crops. As of 2023, the Central Bank of Nigeria reported that over ₦1.09 trillion had been disbursed under the scheme.

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