Lagos State government yesterday signed the Employment Trust Fund Bill 2015 into law, opening the N25 billion loan scheme for unemployed and small scale business owners in the state.
The soft loan, which attracts a three per cent interest rate, is open to residents with valid registration with the Lagos State Residency Registration Agency (LASRRA).
Governor Akinwunmi Ambode, while signing the law, said that the N25b four-year scheme would drastically reduce unemployment among residents.
Ambode said that the scheme would be in fulfillment of his election campaign promises. According to him, “The ETF will address the increasing rate of unemployment in the state. The State Government will be injecting N6.5 billion annually in the next four years into the fund, and this will amount to N25 billion.” He said an independent board of trustees would be constituted very soon to manage the fund for the state government.
Source: The Guardian Nigeria