The Small and Medium Enterprises Development Agency of Nigeria would spend N6.2 billion on motorbikes and tricycles as part of empowerment projects for Nigerian youths and women in 2024.
The PUNCH reported that this is despite the fact that 12 state governments and the Federal Capital Territory have completely or partially prohibited motorcycle activities.
According to various accounts, the governors justified the embargo as part of a strategy to combat escalating instability.
The states are: Cross Rivers, Kaduna, Enugu, Akwa-Ibom, Kano, Rivers, Abia, Anambra, Adamawa, Borno, Kwara, and Zamfara.
SMEDAN is tasked with supporting small and medium-sized firms to overcome deficient infrastructure in the management of business operations and getting financial services amongst other challenges, earmarked the substantial amount for the empowerment.
The agency also announced intentions to spend N5 billion on official vehicles for selected traditional rulers in the six geopolitical zones, as well as N440 million on the construction of two link roads in Enugu state.
Further study of the budget revealed that SMEDAN proposes to spend N2.53 billion on providing keke napep to the less privileged in the 36 states of the federation.
In addition, the agency announced that it will pay N500 million to supply tricycles in eight local governments in Sokoto North Senatorial District to offset subsidy reduction, as well as N50 million to provide motorcycles for youths in Okija, Anambra State.
It allocated N3 billion for the provision of motorbikes, motor vehicles, and keke napep to women and youths in the northwest geopolitical zones in multiple lots and another N100m for supply of keke napep for the under privileged in seven LGAs of the Southern Senatorial District in Cross Rivers.
Despite launching its headquarters in Jabi on December 20, 2023, the agency has budgeted N1 billion for office building development and N3 million for rent payment.
During the unveiling, Vice President Kashim Shettima stated that the current administration is strategically focusing on job creation, capital accessibility, economic growth, and poverty eradication to revitalize the economy.
“This occasion reaffirms His Excellency President Bola Tinubu’s promise to defend our businesses. It resonates strongly with our economic revitalization strategy.
“His emphasis on job creation, capital accessibility, economic growth, and eradicating poverty serves as the foundation for our economic revitalization approach. Inevitably, this route requires difficult decisions, but they are critical to our success,” he stated in his speech.
