The Federal Government has been called upon to expedite action on the full implementation of the recently approved N50 billion economic stimulus package to alleviate impact of the COVID – 19 pandemic on Small and Medium Scale Enterprises (SMEs) sector in the country.
Following Federal Government’s recent approval of the N50 billion economic Intervention fund through the Central Bank of Nigeria (CBN), the disbursement of the approved fund to Small and Medium Enterprises have experience protracted delays with stakeholders across business sectors calling for urgent government action in the process.
Making a recent renewed call for quick disbursement of the fund was former Director General, Abuja Chamber of Commerce and Industry, Mr Chijioke Ekechukwu while speaking recently during an online media interactive program monitored in Lagos.
Ekechukwu while criticizing the long delay in the funds disbursement observed that continued delay in the process was inimical to the survival aspiration of the SMEs, pointing out that in various countries of the world equally ravaged by the pandemic, stimulus packages had been paid into peoples, and companies accounts.
According to him, although the government had tried by bringing out stimulus packages for the Small and Medium Enterprises, the truth remains that the full implementation of that particular policy was yet to be seen.
He added that despite continued assurances by the CBN at several times, the SMEs had received nothing with many of them having fulfilled all the necessary requirements as stipulated by bank authorities.
“The government has tried to bring out some stimulus packages for the Small and Medium Enterprises but to tell you the truth, I have not seen the full implementation of that particular policy. We’ve been having some assurances from CBN all the time, but the SMEs have not received anything”
“Many of them have filled forms, many of them have done all the necessary things they are supposed to do but these moneys have not hit the account. I expect that they should march action with whatever things that has been said. We haven’t seen that yet” he maintained.
“People need to have it because in various countries of the world we know that stimulus packages have been paid into people’s accounts and company’s accounts and we need to have ours right now. We don’t have to wait till tomorrow” he added.
Ekechukwu who took a critical assessment of the economic evolution process following twenty one year’s democratic experience in the country noted that Nigeria’s economy needed to have fared much better than it presently is, but the country was bedeviled by a lot of negative developments that includes among other things, low price of crude in the global oil market and now, the COVID-19 health pandemic that has hampered production capacity across all sectors of the economy.
He further observed that aside from short falls in oil revenue, the country had suffered losses in revenue due to non- payment of taxes and levies by companies and individuals during the economic lockdowns occasioned by the COVID – 19 pandemic.
“ Before the COVID – 19 era you realized that we were faced with a very low price of oil which was caused by international politics going on in that sector and then shortly after that we entered the shutdown from Covid 19”.
“But we also have to look at the revenue that is not coming from taxes. If companies are shut down for such a reasonable time, what it means is that they are not going to be paying taxes, and so revenue coming from FRIS is also affected adversely” he concluded.
