Scarcity of successful beneficiaries of FG’s social investment schemes worry experts
…As Osinbajo claims disbursement of N2tn so far
More than three years into the life of the current administration and its well publicized barrage of social investment programmes, development economists are worried on the scarcity of real beneficiaries who have stepped up their business based on the funds shared by federal government.
Only recently in Enugu State, the Vice President, Prof. Yemi Osinbajo, said the Federal Government has so far “provided close to N2 trillion” for its social investment programmes, and emphasized that “small businesses are the future of our country”.
However, some development economists who barred their minds on the acclaimed disbursement of the whooping facility queried why the impacts of the disbursements are not speaking for the schemes.
According to them, if the federal government is sure that it has disbursed such amount to small business operators, why are Micro Finance Banks (MfBs) who ordinarily should manage and track the supported businesses collapsing?
The experts say it is better for the government to recapitalize MfBs so that they will continue to drive business activities of the informal sector operators, leaving the formal sector for commercial banks.
In their further submission, they averred that the recent collapse of over 158 MfBs speaks volume of the fate of MSMEs and other budding small scale business which the federal government’s social investment programmes are said to be targeting.
However, Vice President Osinbajo, while reiterating the government’s commitment to the growth and development of entrepreneurship and small businesses, expressed confidence that “together we will bring the deserved prosperity, not just to the people of Enugu State, but also to the people of Nigeria.”
Osinbajo spoke during the Enugu edition of the National Micro Small and Medium Enterprises (MSME) Clinic held at the popular Michael Okpara Square, on Tuesday.
Prof Osinbajo, who said he was “extremely delighted” with the “kindness and warm reception” the state government always accords him whenever he visited Enugu State, also applauded the state governor, Ifeanyi Ugwuanyi, for “the very great steps” his administration has taken in the growth and development of the MSME programme.
He said Ugwuanyi’s administration “is doing very well for the MSME” and in advancing the interest of small entrepreneurs, stressing that “the governor deserves a warm applause for the great works he has been doing.”
