Labour Party presidential candidate in the 2023 elections, Peter Obi, has raised fresh concerns over the handling of ₦1 trillion reportedly allocated for Micro, Small, and Medium Enterprises (MSMEs) funding between 2015 and 2023. Obi, in a statement on Tuesday, questioned the Bola Tinubu-led administration on the whereabouts of the funds, insisting that transparency and accountability must be prioritized in managing resources meant for Nigerians.
The former Anambra State governor noted that MSMEs are the backbone of Nigeria’s economy, contributing significantly to job creation and poverty reduction. He stressed that any mismanagement of funds earmarked for their growth would directly harm millions of hardworking Nigerians.
“Where did the ₦1 trillion go? Nigerians deserve to know how such a huge amount, allocated for the development of small businesses, was spent,” Obi queried, demanding clarity from the current government.
Obi also urged the federal government to provide detailed reports on the disbursement process, including beneficiaries, oversight mechanisms, and impact assessments. According to him, the lack of transparency raises questions of corruption and deliberate diversion of public funds at the expense of the struggling population.
His remarks have stirred debate across political and economic circles, with many calling for a comprehensive investigation into the alleged mismanagement. Civil society organizations have also echoed Obi’s demands, warning that failing to account for the funds would further erode public trust in government institutions.
The Tinubu administration is yet to issue an official response to Obi’s claims, but analysts suggest the matter could intensify political pressure on the presidency, especially as Nigerians grapple with rising inflation, unemployment, and economic hardship.