News: Governor Ambode to spend N25bn on unemployed Lagosians

The Lagos State Governor, Mr. Akinwunmi Ambode, has sent the Employment Trust Fund Bill 2015 to the state’s House of Assembly for consideration and ratification.

The bill aims to transform employment creation in the state, with N25bn proposed to be spent over four years as a support scheme for young entrepreneurs and small businesses.

The draft of the bill had earlier been approved by the State Executive Council at its meeting on Wednesday.

The bill was sent to the House as Executive Bill.

The Employment Trust Fund Bill, according to the release, is in fulfilment of one of Ambode’s campaign promises, which aims to inject N25bn into job creation and employment opportunities over a period of four years.

Ayorinde said the fund would be administered as soft loans to bona fide residents of the state that desired facilities ranging from N100, 000 to N1m or more.

According to Ayorinde, the Ministry of Wealth Creation and Employment, which was created in June by Ambode, will oversee the affairs of the scheme, while the funds will be channelled through the state’s microfinance institution.

Beneficiaries, he added, would be selected across the five divisions in the state: Lagos Island, Ikeja, Badagry, Epe and Ikorodu in order to allow citizens in every part of the state enjoy the novel scheme.

Culled from Punch Newspaper