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Senate to Probe Disbursement of N483bn MSME Loan



The Senate has taken decisive action by establishing an ad hoc committee to probe the alleged uneven disbursement of a staggering N483 billion loan meant for Medium and Small-Scale Enterprises (MSMEs) across Nigeria’s six geo-political zones.

The loan was disbursed by the Development Bank of Nigeria (DBN) in 2021. This move comes as a response to concerns raised by Senator Mohammed Ali Ndume and supported by 64 other senators during Wednesday’s plenary session.

Senate to Probe Disbursement of N483bn MSME Loan
Senate to Probe Disbursement of N483bn MSME Loan

Chaired by Dave Umahi, the seven-man panel includes members such as Babangida Oseni, Ali Ndume, Banigo Ipalibo, Sani Musa, Chizoba Chukwu, and Adetokunbo Abiru. The committee has been given a four-week timeline to conduct a thorough investigation and submit its findings.

It is important to note that a similar investigation was conducted during the 9th Senate. Back then, an ad-hoc panel was set up to examine allegations that the South-West, particularly Lagos State, had received a disproportionate share of the loan.

However, DBN officials insisted that loan disbursements were based on strict adherence to regulatory criteria rather than geopolitical considerations.

Expressing dissatisfaction with the outcome of the previous investigation and the committee’s recommendations, Senator Ndume emphasized the need for a fresh examination of the issue due to the significant disparity in loan disbursement.

According to Ndume, the bank’s Annual Integrated Statutory Report for 2021 reveals that N483 billion worth of loans were disbursed during that year.

Shockingly, only 11 percent of the total loan amount was allocated to the 19 northern states, totaling a mere N53 billion. In contrast, Lagos State alone received 47 percent of the loan, equivalent to a staggering N227 billion.

The breakdown of loan disbursement, as detailed in the bank’s report, indicates that the South-West secured the lion’s share, accounting for 57 percent, or approximately N274.7 billion.

The South-South region accessed 17 percent of the loan (amounting to N81.9 billion), while the North Central and the Federal Capital Territory (FCT) received 11 percent (totaling N53 billion).

The South-East secured nine percent (approximately N43.3 billion), while the North-West received five percent (equivalent to N24 billion). Shockingly, the North-East received a meager one percent (totaling N4.8 billion).

Further analysis of the loan disbursement reveals that it was distributed across five sectors. The oil and gas sector received the largest share, accounting for 42 percent, followed by manufacturing at 16 percent. Agriculture, forestry, and fishery sectors obtained 7.2 percent, while trade and commerce secured 6.3 percent. Lastly, transportation and storage received 3.5 percent.

Senator Ndume highlighted that the Development Bank of Nigeria exists with the primary objective of addressing the financing constraints faced by MSMEs in Nigeria. Its role is to provide finance, partial credit guarantees, and technical assistance to eligible financial intermediaries on a market-conforming and fully financially sustainable basis.

In conclusion, the Senate’s decision to relaunch a probe into the disbursement of the N483 billion MSME loan signifies its commitment to rectifying any imbalances in the loan distribution process.

The ad hoc committee’s investigation will shed light on the disparities between different regions, enabling the Senate to propose necessary reforms and ensure the fair allocation of funds to MSMEs across Nigeria.

Feel free to explore other fascinating reads by clicking here. Stay up to date with the latest information by following us on Twitter @ReporteraNews.

Oladiti Oluwajuwon is an experienced writer with 5+ years' expertise in captivating blog posts, articles (spiritual, educational, academic), and insightful news pieces. With a keen eye for detail, he specializes in diverse content, including political news and academic info such as degrees, schools, and admission requirements.

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African Union Takes Action: Republic of Niger Suspended Amidst Political Unrest



In a decisive move that reverberated across the continent, the African Union (AU) announced the suspension of the Republic of Niger from its membership ranks.

This momentous decision was unveiled during the African Union’s Peace and Security Council meeting held in Addis Ababa, Ethiopia on Tuesday, August 22.

African Union:Picture Source- Pinterest

The suspension stems from the recent political turmoil that engulfed the nation, with the African Union pointing to the coup orchestrated by Gen Abdourahamane Tchiani on Wednesday, July 26. As part of a series of sanctions imposed on the francophone West African country, the Republic of Niger faced the repercussions of its internal upheaval.

The African Union’s stance was uncompromising, as it made it clear that Western nations seeking to meddle in African affairs should refrain from interfering. This firm message was directed from the heart of Addis Ababa, Ethiopia, where the AU’s call for autonomy echoed loudly.

The events leading up to Niger’s suspension unfolded against a backdrop of political uncertainty and unrest. The coup in Niger, orchestrated by Gen Abdourahamane Tchiani, prompted the Afican Union to take action. Their decision to suspend Niger was not taken lightly and was ratified during the Peace and Security Council meeting in Addis Ababa, Ethiopia on August 22.

The aftermath of the military takeover in left President Mohamed Bazoum in captivity, held under the close watch of the juntas in Niger. Despite international pressure, the release of the president and his family remains elusive. This tense situation compelled the Economic Community of West African States (ECOWAS) to intervene, imposing sanctions on Niger and establishing a deadline for the initiation of military intervention by the sub-regional body’s standby forces.

The suspension of the Republic of Niger from the African Union serves as a stark reminder of the continent’s commitment to upholding stability and safeguarding democratic governance. The swift response underscores the African Union’s dedication to maintaining order and security within its member states, sending a resounding message to the global community about the importance of respecting Africa’s sovereignty.

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Peter Obi: “I Campaigned For Presidency Because I Can Say It Any Day, I Will Solve The Problem Of Nigeria”



In a recent tweet that has caught the attention of many, @MissPearls shares an inspiring declaration made by former Anambra state governor and Labour Party presidential candidate, Peter Obi. According to @MissPearls, Peter Obi proclaimed, “I campaigned for Presidency because I can say it any day, I Will SOLVE THE PROBLEM OF NIGERIA. All these confusion everywhere can BE SOLVED, and I am PREPARED for it”

Peter Obi: I Campaigned For Presidency Because I Can Say It Any Day, I Will Solve The Problem Of Nigeria.

Peter Obi’s bid for the presidency in the recent elections stirred considerable excitement and garnered support from diverse quarters, particularly the youth demographic. The former governor is known for his progressive ideas and pragmatic approach to governance, which resonated with many Nigerians who sought change and effective solutions to the country’s myriad challenges.

Despite his extensive support and well-articulated vision, Peter Obi’s presidential ambitions faced formidable opponents in the election. The Independent National Electoral Commission (INEC) released results that placed him behind the All Progressives Congress (APC) candidate, Bola Ahmed Tinubu, who emerged as the winner, and Atiku Abubakar of the Peoples Democratic Party (PDP), who came second. However, these results were met with skepticism due to apparent electoral irregularities that marred the integrity of the process.

In response to the controversial election outcome, both Peter Obi and Atiku Abubakar filed legal challenges against the INEC’s declaration. This move underscores their commitment to upholding the democratic process and ensuring that the voice of the electorate is accurately reflected. As the election Tribunal Judges prepare to deliver their verdict, Nigeria watches with bated breath, eager to witness justice being served.

Meanwhile, the administration of Mr. Bola Ahmed Tinubu has taken significant policy actions since assuming office. The removal of fuel subsidies and the decision to float the Naira have triggered mixed reactions across the nation. While these measures may be intended to foster economic stability and growth, the immediate consequences have been felt by everyday Nigerians. The cost of living has surged, and the socio-economic effects on the rich and the poor have become more pronounced.

As the Nigerian population navigates these shifts, the aftermath of the election and the ensuing governance strategies offer a critical juncture for evaluating the nation’s trajectory. The voices of discontent, expressed by citizens facing the brunt of these policies, highlight the necessity for leaders to prioritize the well-being of the populace while pursuing economic advancements. It is essential for the government to strike a balance between fiscal prudence and safeguarding the interests of the vulnerable segments of society.

The policy changes implemented by Bola Tinubu have shed light on the delicate balance between progress and the welfare of the people. As the nation waits for the tribunal’s judgment and the dust settles on the recent election, Nigeria stands at a crossroads, with the potential to reshape its future trajectory and address the systemic challenges that have held it back for far too long.

Fore more updates, follow us on Twitter @ReporteraNews.

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Youths in Kano Defy Police Ban to Protest Alleged Tribunal Bribery



Hundreds of determined youths in Kano took to the streets, defying a police ban, to protest what they perceive as attempts to manipulate the state election petition tribunal. This incident unfolded against the backdrop of a ban on protests by the Commissioner of Police, Usuani Gumel, following revelations of alleged plots to obstruct justice through financial inducement in legal proceedings.

Youths in kano

The rally, which unfolded outside the state government house, saw impassioned youths brandishing placards with messages that underscored their commitment to justice and the integrity of the electoral process. Their actions were sparked by concerns over an alleged plan to bribe the state election petition tribunal, casting a shadow over the fairness of the process.

The ban on protests was issued in response to recent revelations made by Justice Flora Azinge, who unveiled purported schemes by lawyers to disrupt the course of justice through financial incentives. The Commissioner of Police cited “confirmatory intelligence products” as the basis for this decision, leaving a contentious atmosphere surrounding the freedom of assembly and the right to peaceful protest.

This ban, however, failed to deter the resolute youths who carried a variety of placards conveying their strong stance against corruption, manipulation, and injustice. The slogans they chanted resonated with their determination to safeguard the sanctity of the electoral process and uphold transparency in governance.

Among the messages displayed, one placard caught the eye with its direct callout: “Gandollar, stop spoiling the name of Tinubu.” This highlights the allegation that financial impropriety is tainting the reputation of key political figures.

In a video circulated online, the enthusiastic protesters chanted slogans that echoed their deep-seated concerns. Chants of “No to corruption,” “No to injustice,” and “No to manipulation” reverberated through the crowd, embodying the youth’s unwavering commitment to fair and accountable governance.

Addressing the gathering, Governor Abba Kabir Yusuf praised the peaceful conduct of the protesters and assured them that their concerns would be relayed to President Bola Tinubu. This gesture recognizes the role of the youth in shaping political discourse and underscores the importance of their voices in the pursuit of a just society.

In conclusion, the youths in Kano have seized the moment to voice their concerns and demands for an unbiased electoral process. Their defiance of the police ban serves as a reminder that public sentiment cannot be easily suppressed. As this incident unfolds, it raises important questions about the delicate balance between freedom of assembly, legitimate protest, and maintaining public order. It also underscores the critical role of the youth in shaping the political landscape and demanding accountability from their leaders.

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