Dare Babalola
Former presidential candidate Peter Obi has raised serious questions over the Development Bank of Nigeria’s (DBN) claim of disbursing over N1 trillion to Micro, Small, and Medium Enterprises (MSMEs) since 2015.
Obi, in a post via his X account on Wednesday, expressed concerns that despite the huge sum, most small business owners are unaware of the bank’s existence and the economy shows no visible signs of improvement.
According to Obi, if the claim is true, the impact should be evident in terms of job creation, business growth, and poverty reduction.
He noted that if $1 billion were disbursed in small loans averaging $1,000 each, it could have supported at least 1 million small businesses, creating 3 million new jobs and driving economic growth.
He added that the reality on ground suggests otherwise, with rising unemployment and poverty levels.
Obi pointed out that many enterprises are shutting down or relocating outside Nigeria, and poverty is deepening instead of reducing.
“How can such a huge sum be disbursed and yet ordinary Nigerians feel no impact? Empowerment is not a slogan or a campaign tool – it must be proven by results. Nigerians need to know where the money went. Who exactly were the beneficiaries? What tangible businesses were created? Where is the proof of jobs generated or poverty reduced?
“Without answers to these questions, the claim of ₦1 trillion disbursement remains yet another round of grand deception, where scarce national resources are captured by a few elites and recycled under the guise of empowerment schemes,” the former Anambra governor said.
The former presidential candidate emphasised the need for transparency and accountability in the management of public funds, stressing that Nigerians deserve evidence that such vast sums are being invested in their lives and future.
