Last week, the Senate was reportedly unanimously set to probe Federal Government’s Special Intervention Fund (SIF). The Senate ad hoc Committee, headed by Senator Ibrahim Gobir, was directed by the Dr. Bukola Saraki-led Senate to investigate disbursement of the Special Investigation Fund by the Federal Government. Request for the probe came from the Senate Minority Leader, Senator Biodun Olujimi who was reported to have alleged at plenary that beneficiaries of SIF were being asked to provide details of their Permanent Voter Cards (PVCs) and their loyalty to President Muhammadu Buhari, as well as the ruling All Progressives Congress (APC), in the application form.
Expectedly, her allegation reportedly led to rowdy session on floor of the Senate because some of the Senators, especially those belonging to APC, felt the Minority Leader, along with her PDP colleagues in favour of conducting the probe, have politicised the matter and that the possible outcome of the investigation had already been determined even before the committee was inaugurated to commence sitting.
The committee, which was assigned to investigate the matter within two weeks and submit its report to the Senate at plenary, has Senators Enyinnaya Abaribe, Shehu Sani, Gbenga Ashafa, Dino Melaye, Danjuma Goje and Matthew Uroghide, as other members. Apart from SIF, the committee is also expected to investigate handling of the defunct Subsidy Reinvestment Empowerment Programme.
We commend the Senate for deeming it necessary to conduct the probe as it would show clearly whether or not the disbursement of the Special Intervention Fund has been done judiciously and transparently in such a way that eligible beneficiaries would not be short-changed in order to achieve government’s desired results. Judging by past ugly experiences concerning well-intentioned Special Intervention Funds established by successive administrations to boost the economy but which were mismanaged through corrupt practices by unscrupulous government officials and their collaborators in the private sector, this probe is justified and should not be politicised.
We implore the committee members to handle the assignment with the urgency it deserves. Failure of the Senate to form a quorum during plenaries, as well as on-going electioneering campaigns for 2019 should not be excuse for the committee not to conclude its assignment within the two-week deadline. The report should not be swept under the carpet especially in view of the heat generated. The Senate Minority Leader’s allegation is weighty and if found to be true, it will be very unfortunate. On the other hand, if found to be false, it will be saddening. Already, Buhari Campaign Organisation’s spokesperson, Mr. Festus Keyamo, SAN, had refuted the allegation. He said it is not true that such details are in the form and that SIF is for all Nigerians, irrespective of political colourations.
Federal Government’s Special Intervention Fund, like other intervention measures is very key to rapid socio-economic and industrial development of Nigeria. Anybody, no matter how highly placed, that puts impediments on the way of its success is enemy of the country and should be treated for economic sabotage to serve as a deterrent to others. This is why SIF should not be politicised. The government should ensure the Special Intervention Fund which according to the Bank of Industry, is primarily for Medium and Small-Scale Enterprises (MSMEs), is neither diverted to other sources such as funding of electioneering campaigns or stolen.
Instead, as the fund is said to be “federal government’s initiative to provide subsidised loans to MSMEs at a single digit of nine percent, per annum, all-inclusive interest rate”, it should be available to eligible MSMEs entrepreneurs, irrespective of political inclinations. The importance of MSMEs to growth and development of small-scale enterprises cannot be overemphasised. This is why political jobbers should not be allowed to hijack the fund to achieve their selfish objectives. If provided the enabling environment, including favourable tax regime and essential infrastructure to thrive, MSMEs operators would provide millions of youths gainful employment and keep them away from crime so as to grow national economy.
Government should intensify efforts in promoting MSMEs and assisting entrepreneurs, especially by way of adequate funding, to ensure survival of their businesses. Actions or pronouncements capable of portraying government or MSMEs in bad light to score cheap political points, should stop in view of the incalculable dire consequences on growth and development of Micro Small and Medium Enterprises, in particular, as well as national economy, in general.
By way of prevention, we urge government to block all loopholes through which Special Intervention Funds are flagrantly subjected to reckless abuses by custodians and disbursers of such funds. Government should not only ensure those disbursing the funds are of proven integrity, sustainable measures must be put in place to monitor process of disbursements so that it is not politicised in such a way that genuine potential and existing MSMEs operators who should ordinarily, be the beneficiaries, are excluded. If this happens, government’s efforts to grow the economy through promotion and development of MSMEs, will not achieve the desired results.
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