Reps probe ₦12trn disbursements to development finance institutions

The House of Representatives has launched an investigation into the management of over ₦12 trillion disbursed to Nigeria’s Development Finance Institutions (DFIs) in the past seven years.

The ad hoc committee, chaired by Hon. Chidi Obetta, will review how funds allocated to the Bank of Industry, Bank of Agriculture, NEXIM Bank, Development Bank of Nigeria, Infrastructure Bank, and NIRSAL were utilised.

Obetta said the probe aims to ensure transparency, accountability, and measurable impact in job creation, industrial growth, and poverty reduction. He stressed that the exercise is “reform-oriented, not punitive.”

Speaker Tajudeen Abbas, represented by Deputy House Leader Halims Abdullahi, decried the poor performance of DFIs despite massive funding, warning that future budgetary allocations would depend on proven results.

Representatives of the Central Bank of Nigeria and NEXIM Bank pledged full cooperation with the committee, which is expected to present recommendations to strengthen the effectiveness of DFIs in driving inclusive national development.