The House of Representatives on Wednesday commenced move to make the Government Enterprise and Empowerment Programme (GEEP), to be more accessible to eligible Nigerians.
The House then mandated committees on Poverty Alleviation and Industry to engage the Acting Managing Director of Bank of Industry,BOI and the Desk officer in charge of the programme in the office of the Vice President to appear before the committees for explanation on the modality for repayment of the loan.
The House resolution followed a motion of urgent public importance moved by Hon Abubakar Adamu entitled, “urgent need to make the terms of the loan package under the Government Enterprise and Empowerment Programme, GEEP to be more accessible to indigent Nigerians.”
While moving the motion, the lawmaker said that, “the government has come up with various programmes under the current administration in a bid to alleviate the sufferings of teeming Nigerians who are being crushed daily under the weight of recession.”
The lawmaker pointed out that, “The Bank of Industry has come up with a soft loan package aimed at providing soft loan for indigent Nigerians to use as startup capital called the “Government Enterprise and Empowerment Programme, GEEP.”
According to him, “the loan term is for only 6 months with no interest and administration fee of 5 people one time, a grace period of two weeks before the loan starts to count and weekly repayments.
“Although the programme is a welcome development, however the 6 months period within which to repay the loan, the grace period of two weeks and weekly repayment is not sufficient considering the fact that businesses require gestation period before they pick up as well as the harsh bussiness environment in Nigeria.
“There is need for the Bank of Industry to take these factors into consideration and relax the terms a bit so that the programme will achieve its purpose of lending the much needed help to Nigerians as well as the multiplier effect which this programme will bring to the Nigerian economy in the long run since most economies of the world develop through a vibrant Small and Medium Scale Enterprises sector.
“Some of these poverty alleviation programmes have not been very successful due to the stringent terms to the detriment of Nigerians who are dying daily from lack of basic need like food, water, shelter, medical care.”
Most of the lawmakers that contributed to the motion, including Deputy Speaker, Hon Lasun Yusuf were of the opinion that such loan from government must stimulate the economy, through long term investment.
The motion scaled through when it was put to vote by the Speaker, Hon Yakubu Dogara.