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Reps To Probe Non-release Of N174bn Dev’t Partners Support
['Ayobamiji Komolafe']
New Telegraph
The House of Representatives on Thursday, resolved to investigate non-release of N174.251 billion intervention funds received from Development Partners’ support to National Agriculture Growth Scheme-agro Pocket and Food Security Emergency Support Loan to the implementing agencies.
This followed the adoption of a motion on matter of urgent public importance, sponsored by Bello Ka’oje (APC, Kebbi) at plenary.
The lawmaker alleged that non-implementation of the agricultural intervention funds already disbursed impeded Nigeria from accessing about $200 million from African Development Bank (AfDB) under the Result Based Financing (RBF).
“The House is informed that sometime in February 2023 Nigeria negotiated with the African Development Bank (AfDB) and signed an agreement for a 25 year tenor loan to support National Agriculture Growth scheme Agro-pocket Project for an amount not exceeding $134,000,000 million.
The first tranche of $99,665,000 was released to the Federal Government Consolidated Account after deducting the Front-End-Fee (FEF) of 0.025%.