The 2023 presidential candidate of the Labour Party, Peter Obi, has asked the Federal Government to provide proof that N1 trillion was disbursed to Micro, Small, and Medium Enterprises (MSMEs) in Nigeria between 2015 and now.
In a statement posted on his verified X account on Wednesday, Obi said most Nigerians are completely unaware of such a programme, despite claims by the Development Bank of Nigeria (DBN) that it had released the funds to support small businesses.
He argued that the obscurity of the bank itself speaks volumes about its limited impact.
“Over 80 percent of Nigerians are unaware of the very existence of the Development Bank of Nigeria, DBN, which released the report,” he noted, stressing that knowledge of an institution reflects its relevance to the people it is meant to serve.
Obi recalled: “I recently read a report from the DBN stating that it has disbursed over N1 trillion to MSMEs in Nigeria since 2015. By simple conversion over the said period, this amounts to more than \$1 billion. If indeed such an amount was deployed to support enterprises, the results should be evident. For instance, if \$1 billion were disbursed in small loans averaging about \$1,000 each, it could have supported at least 1 million small businesses.”
He continued: “The ripple effect of this would have been no less than 3 million new jobs, with visible growth in enterprises, an improved economy, and measurable progress in lifting people out of poverty. But the reality before us today tells a different story: unemployment remains at a record high, businesses are struggling to survive rather than thriving, many enterprises are shutting down or relocating outside Nigeria, and poverty is deepening instead of reducing. So the critical question is: if N1 trillion truly left the coffers of DBN to empower Nigerians, where did the money go?”
Obi insisted that Nigerians deserve clear answers on how the money was spent and who actually benefited.
“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?” he asked.
The former Anambra governor warned that without accountability, such schemes amount to deception.
“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. Nigeria must insist on transparency and accountability. Our people deserve evidence that such vast sums are being invested in their lives and future—not lost to corruption or buried in empty statistics.” he concluded.
