Peter Obi Demands Proof of ₦1trn MSME Loans, Accuses FG of ‘Grand Deception’

Labour Party’s 2023 presidential candidate, Peter Obi, has challenged the Federal Government to provide concrete evidence that over ₦1 trillion was disbursed to Micro, Small and Medium Enterprises (MSMEs) since 2015.

The Development Bank of Nigeria (DBN) recently claimed it had released the funds over a ten-year period. But Obi, writing on his verified X account on Wednesday, argued that such a massive injection of capital should have left visible impact on businesses, jobs, and poverty reduction.

“If indeed such an amount was deployed to support enterprises, the results should be evident,” Obi said. “But the reality before us today tells a different story: unemployment remains at a record high, businesses are shutting down, and poverty is deepening instead of reducing.”

‘Where Did the Money Go?’

Obi noted that 80% of Nigerians are unaware of the DBN’s existence, describing the lack of awareness as proof of limited impact.

He explained that if $1 billion (₦1trn equivalent) had been shared as small loans averaging $1,000 each, at least one million businesses could have been supported, creating up to three million jobs.

“Where is the proof of jobs generated or poverty reduced? Who exactly were the beneficiaries? What tangible businesses were created?” he asked.

The former Anambra governor accused the government of running “another round of grand deception, where scarce national resources are captured by a few elites and recycled under the guise of empowerment schemes.”

Call for Transparency

Obi urged Nigerians to demand accountability, insisting that empowerment must be backed by results, not slogans.

“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 wrote.

The Federal Government and DBN have not yet responded to his challenge.