FG must monitor N200bn MSME intervention funds – APC chieftain

Mr. Olatunbosun Oyintiloye, a chieftain of the All Progressives Congress (APC) in Osun State, has called on President Bola Tinubu to keenly observe the distribution of the N200bn presidential Intervention Fund for Micro, Small and Medium-scale Enterprises and manufacturers in the country.

Oyintiloye, state this in a statement on Sunday, he said it was necessary for the President to monitor the disbursement to avert saboteurs from distracting the initiative.

Ministry of Industry, Trade and Investment, had recently announced the launch of a sum of N200bn Presidential Intervention Fund for Micro, Small and Medium Scale Enterprises and manufacturers.

Uzoka-Anite, the minister of the ministry revealed that a sum of N75bn would be distributed to MSMEs, while another N75bn would go to the manufacturing industry, when explaining how the amount would be disbursed.

Oyintiloye, while reacting said necessary measures must be put in place to ensure that different intervention initiatives of the President have positive impacts on the lives of Nigerians, insisting that the funds must be protected from being mismanaged.

He said, “MSMEs contribute over 45 per cent to the country’s Gross Domestic Product, with 98.8 per cent of them in the micro cadre. They account for nearly 90 per cent of the jobs in the country.

“Therefore, as MSMEs grow, they create more jobs, contribute to GDP by producing goods and services for domestic consumption and export, which will lead to prosperity for more, and less insecurity across the country.

“By creating jobs, MSMEs help to reduce unemployment rates, promote innovation, stimulate economic growth and diversification.

“And that is the more reason we have to give it to the President for this initiative. It will in no small way boost the economy through the creation of new markets because MSMSEs are vital to the economic growth of any nation. But there must be a close watch on the distribution of the funds. The President must ensure that he is personally carrying out integrity checks on the process to prevent sabotage.”