By Kamal Ololade Ahmed
The Executive Director, Finance, PAN Nigeria Limited, Alhaji Jumat Alli-Oluwafuyi said that more than N30 trillion has been spent on intervention in the Nigerian economy in the past 5 to 7 years with nothing to show for it.
The accounting and economics expert bemoaned this development during the lecture he delivered on Saturday at the Companion 1441 non-elective National Conference. Alh. Alli-Oluwafuyi in the course of the lecture titled, CBN intervention in the Zero interest windows, opportunities and access,” emphasized that while Nigeria has a number of good policies people hijack these policies when it comes to implementation. He blamed many of the problems of implementation on the civil servants and politicians.
According to him, there are about 11 intervention funds that have been introduced by government recently with large number of them allocated to the politicians. He as well faulted some of the plans for the disbursement of the funds. Speaking on the intervention in the Agricultural sector, he pointed that with few branches to reach the 774 local government areas in the country the use of Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) for disbursement of agricultural intervention fund cannot be effective.
Alli-Oluwafuyi mentioned how he wrote to the CBN not to exclude the Muslims from the the intervention funds that are being rolled out by the government following the economic disruption of Covid-19. He therefore, charged members of the Companion, a group of Muslim men in Business and professions to follow up on this fund. He said,
“We need to follow up what is happening after knowing that there is now a window for applicants of non-interest bearing funds.
He further said ” We need to come up with a paper on these funds, which organization is managing them and what are the criteria.”
He specifically charged the National Executive Members of the Companion to come up with program of accessibility on five major intervention funds for members and Muslims in the country. These funds include:
*The Covid 19 Targeted Credit Facility for households and MSMEs
*Real Sector support facility
*Health sector facility
*Microfinance Banks and Nigerian Youth Investment Fund.
“It is better for us to work for the majority of the poor than few of us enjoying in our comfort zone,” he said.