Business
Lawmaker Backs Demand To Rewrite Constitution
A member of the House of Representatives, Abiodun Balogun on
Tuesday, said the call, to rewrite the constitution should be seen as a
legitimate call that would enable Nigerians make their inputs.
Balogun, who made the remark in an interview with newsmen in
Abuja, said those calling for a new constitution had a genuine reason for doing
that, since the current constitution was drafted without contributions from
most Nigerians.
He, however, said that any decision to draw up a new
constitution should follow a resolution of the National Assembly as well as
inputs from Nigerians.
“Drafting of a new constitution is a decision that should be
taken by the whole National Assembly and Nigerians as a whole.
“But even if we are drawing up a new one, we are still going
to rely on aspects of the existing constitution.
“If we do a new one, we will also come tomorrow and amend
it, because constitutional amendment is a continuous exercise all over the
world,’’ Balogun said.
He noted that the 1999 constitution (as amended ) was not
perfect due to some loopholes, saying, however, that there was no law that was
perfect in its entirety.
“Nigerian constitution may not be perfect , but at least we
are making progress. For now, if we have a situation where we can draw up a
better constitution, I am for it,” he said.
On the Central Bank of Nigeria’s plan to introduce N5,000
note into the nation’s economy, the lawmaker said that it was “a wrong and
contradictory policy.”
He queried the CBN’s rationale for introducing N5, 000 note
haven said it wanted a cash less economy.
“What we need now as done all over the world is encouraging
money transfer, so we should even be working to discourage the idea of carrying
cash , and that is even the essence of the CBN cashless policy.
“We don’t need it, (N5, 000) notes, what the CBN needs to do
now is to pursue a cashless programme.
‘’Let us go bank transfer; with bank transfer, you don’t
need to carry cash, you can transfer money from your account and then do your
businesses,’’ he said
He noted that the disadvantages of the new notes outweigh
the merits.
The lawmaker said the newly introduced notes could be used
to perpetrate corruption and money laundry among other social vices.
He urged the CBN to jettison the idea of the new notes as it
might not achieve its objective in the long run.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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