This includes the Bank of Industry (BoI), Bank of Agriculture (BoA), Nigeria Export-Import Bank (NEXIM), Development Bank of Nigeria (DBN) and the Infrastructure Bank.
By Idris Saidu
365Daily – House of Representatives has warned that it will no longer approve budgetary allocations to Development Finance Institutions (DFIs) that fail to demonstrate accountability, sound financial management, and tangible economic impact.
Speaker Hon. Abbas Tajudeen issued the warning on Wednesday in Abuja during the inauguration of an ad hoc committee tasked with investigating the operations, funding, and performance of Nigeria’s DFIs.
This includes the Bank of Industry (BoI), Bank of Agriculture (BoA), Nigeria Export-Import Bank (NEXIM), Development Bank of Nigeria (DBN) and the Infrastructure Bank.
“Public funds meant for economic growth must be managed with transparency and discipline. Every naira disbursed should translate into visible outcomes such as job creation, industrial expansion, agricultural productivity, and SME support,” the Speaker, represented by Deputy House Leader Hon. Abdullahi Halims, said.
Hon. Tajudeen expressed concern that despite substantial government interventions, DFIs have struggled to significantly reduce poverty or boost small and medium enterprises.
He described the ad hoc committee’s work as central to national economic stability, adding that it would assess whether the level of funding received by DFIs aligns with measurable economic results.
“In recent years, there have been persistent questions about the impact, accountability, and overall performance of these institutions, particularly concerning public fund utilisation, accessibility of credit facilities, and operational transparency,” he noted.
“Preliminary reports suggest inflows into Nigeria’s DFIs over the past seven years—including government capital injections, budgetary appropriations, bond issuances, concessional loans, and donor funding—exceed ₦12 trillion. This will be verified during our investigation.”
The Director of Development Finance Institutions Supervision at the Central Bank of Nigeria, Mr. Ibrahim Hassan, assured lawmakers of the apex bank’s full cooperation, promising to provide all necessary data for the probe.
NEXIM Managing Director Mr. Abba Bello welcomed the investigation, describing it as “timely” and emphasizing that DFIs should function as engines of growth through export promotion, job creation, and support for productive sectors.
The House said the outcome of the investigation would inform future legislative action, aimed at ensuring that public funds are efficiently utilised to strengthen Nigeria’s development finance system.