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| Governor of Lagos State, Akinwunmi Ambode |
The Lagos State Governor,
Akinwunmi Ambode, on Tuesday signed the N25bn Employment Trust Fund Bill into
law, declaring that the state was ready to tackle unemployment.
The governor, who signed the
bill at the State House, Ikeja, said the occasion represented a milestone for
his administration to tackle the problem of unemployment.
He further said that such
would be done through granting of soft loans to individuals for the purpose of
making them self-employed to create wealth.
He promised to work
assiduously to address the challenges of unemployment in the state.
Ambode said, “During my
campaign, one of the promises I made to Lagosians was to establish an ETF scheme
to address the challenges of unemployment in the state.
“Each year, the government
will inject N6.25bn into the fund for a period of four years, making it N25bn cumulatively.
“A board of trustees made up
of core professionals will be announced in due course to manage the fund. More information
on the operations of the fund will be revealed in due course.”
Governor Ambode had in
November 2015 sent the ETF Bill to the state House of Assembly for approval. It
was meant to be administered as soft loans to residents of the state who desired
loans ranging from N100, 000 to N1m, or more.
The Ministry of Wealth
Creation and Employment, which was created in June by the governor, will
oversee the affairs of the scheme. About one per cent interest rate will be
charged on the loan to take care of administrative expenses.
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