Ambode signs N25bn Employment Trust Fund bill into law

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Kazeem Ugbodaga
Governor Akinwunmi Ambode of Lagos State
Lagos State Governor, Akinwunmi Ambode on Tuesday signed into law the N25 billion Employment Trust Fund, ETF, Bill aimed at tackling the high rate of unemployment in the state.
The governor who signed the bill into law along with the Lagos State Univeristy, LASU (Amendment) Bill 2015, at the State House, Ikeja, Lagos, southwest Nigeria, said the event represented a milestone of his administration’s resolve to tackle the problem of unemployment through granting of soft loans to individuals for the purpose of making them self-employed to create wealth.
Ambode said that during his campaign, one of the promises he made to Lagosians was to establish an ETF scheme to address the challenges of unemployment in the state.
He said each year, the state government would inject N6.25 billion into the fund for a period of four years, making it N25 billion cumulatively.
The governor added that a board of trustees would be announced in due course to manage the fund, saying that members of the board shall be outside the purview of government.
Ambode had in November, 2015 sent the ETF bill to the State House of Assembly for approval. The fund is aimed at transforming employment creation in the state over the next four years.
The ETF will be administered as soft loans to bona fide residents of the state who desired facilities ranging from N100,000 to N1 million or more as the case may be.
The is modeled after the state’s Security Trust Fund, which means it will be funded …Read More

Source:: PM Newspaper