Former presidential candidate Peter Obi has raised concerns over claims by the Development Bank of Nigeria that it has disbursed more than N1 trillion to Micro, Small and Medium Enterprises since 2015.
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Obi, in a statement on Wednesday, said the country’s economic situation does not reflect such massive funding. He argued that unemployment is still high, businesses are closing down, poverty is worsening, and most small businesses remain unaware of the bank’s programmes.
LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
The DBN had announced that the funds were distributed through 79 financial institutions, reaching over 69,000 MSMEs, especially in disadvantaged states. The bank also said it plans to expand its loan portfolio to N1.8 trillion within the next five years, with a focus on manufacturing and agriculture.
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LIST OF APPLICATIONS FOR REGULARISATION OF AREA COUNCIL LAND DOCUMENTS NULLIFIED/CANCELLED BY THE HONOURABLE MINISTER OF FCT
Obi, however, questioned who the actual beneficiaries are, how many enterprises were created, and whether any jobs were generated. He noted that if the money had truly gone into small loans, millions of businesses and jobs would have been visible across the country.
He also recalled that the Senate in 2023 flagged unequal distribution of DBN loans, with the South-West getting 57 percent while the North received just 11 percent.
The former Anambra governor maintained that the issue is not about announcements but about measurable results. He called for transparency and accountability, insisting that Nigerians deserve to know how such a large sum was spent and why its impact is not being felt.
As the economy continues to struggle, questions over the handling of MSME funding and the effectiveness of empowerment schemes remain unanswered.
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