EDITORIAL: Harsh Economy: Gov Eno's SMEs Billions Missed The Target
Akwa Ibom has long been described as a civil service state. For decades, the dominant narrative has been the same: government is employer, government is provider, government is safety net. While other states were building clusters of thriving small businesses, ours remained fixated on payrolls, appointments, and handouts.
That template was not broken under the immediate past administration. Despite the overhyped “Dakkada” mantra, what mattered most was the number of graduates absorbed into the civil service, not the number of viable enterprises birthed. Some industries were announced with fanfare, but many could not outlive the administration that commissioned them. At the end of the day, the economy remained import-dependent, consumption-driven, and largely propped up by monthly allocations.
It was against this background that the present administration of His Excellency, Pastor Umo Eno, promised a shift. To his credit, the Governor identified SMEs as the bridge between a bloated public sector and a productive economy. Across the three senatorial districts, he rolled out grants, brand new cars, buses, and equipment for entrepreneurs. The idea was sound: reduce dependency, create jobs, and stimulate local production.
But months down the line, the expected ripple effects are missing. Billions of Naira have been sunk into these interventions, yet markets remain stagnant, youth unemployment persists, and the cost of living continues to bite. The question every Akwa Ibomite is now asking is simple: where did the money go?
The painful truth is that part of the problem lies with the beneficiaries themselves. Too many recipients of the grants and empowerment packages treated public funds as personal windfall. Instead of reinvesting in tools, stock, and expansion, some diverted the money to cars, weddings, and lifestyle upgrades. Others simply consumed it to solve immediate household problems. That is understandable on a human level in a harsh economy, but it defeats the purpose of public investment.
Government cannot, and should not, keep pouring taxpayers’ money into a system with no accountability loop. Praise for good intentions is not enough. Intentions must translate to impact.
This is why The Eyes Newspaper is concerned about reports that another ₦31 billion has been earmarked to empower 165,912 citizens across the 31 Local Government Areas. Before a kobo is disbursed, there must be a full appraisal of the first round. What businesses survived? What jobs were created? What value chains were strengthened? Without that audit, we risk repeating the same cycle: announce, disburse, celebrate, and forget.
Direct cash grants without structure are not empowerment. They are consumption stimuli. What Akwa Ibom needs now is an institutional framework. Government should set clear criteria, and then step back from disbursement. Let a designated financial institution, Ibom Mortgage Bank or another accredited partner, manage the process. Entrepreneurs should register their businesses, present bankable proposals, and meet defined benchmarks before accessing funds. The bank should also be saddled with the responsibility of monitoring, mentoring, and recovering loans where applicable.
This approach does two things. First, it screens out opportunists and rewards those with genuine business acumen and zeal. Second, it builds a culture of responsibility. When people know that funds must be accounted for and that their business will be tracked, they are more likely to invest wisely.
It is the keen believe of The Eyes Newspapers that empowerment must not be a political ritual. It must be an economic strategy. Governor Eno has shown the political will. Now he must insist on systems that protect that will from waste and abuse.
Akwa Ibom cannot afford another round of grants that disappear into private pockets while poverty deepens in our communities. The time to institutionalize SME support is now. Let us move from largess to legacy.
Comments
Post a Comment