Agricultural grant: Reps to investigate Finance Ministry, CBN, First Bank

, Federal Ministry of Finance and First Bank of Nigeria Limited over grant to Oyo State to procure agricultural equipment.

This followed the adoption of a motion of urgent national importance by Bode Ayorinde , who recalled that in 2009, the CBN established the Commercial Agriculture Credit Scheme in collaboration with the Federal Ministry of Agriculture and Water Resources to fast-track the development of the agricultural sector; enhance national food security; reduce the cost of credit in agricultural production; increase national output; generate employment; and raise the level of foreign exchange earnings of...

He however noted that contrary to the provisions of the Public Procurement Act and extant guidelines and regulations from the Bureau of Public Procurement , the administration of the Commercial Agriculture Credit Scheme in Oyo State was fraught with abuses, corruption and breach of the Public Procurement Act.

“This is a classic case of gross misconduct and the highest form of unethical behavior by First Bank of Nigeria.

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