Lagos Assembly passes employment trust fund law

Members of the Lagos State House of Assembly yesterday passed the Lagos State Employment Trust Fund bill 2016.

Chairman Committee on Wealth Creation, Hon. Sola Giwa presented the report on the floor of the House following the receipt of the proposed regulations of the Lagos State Employment Trust Fund for the consideration of the House.

The Committee had earlier had series of meetings with the Ministry of Wealth Creation and Employment and Lagos State Employment Trust Fund in order to harmonize the proposal in accordance with the provision of the Trust Fund.

According to the Commissioner for Wealth Creation and Employment, Mr. Babatunde Durosinmi-Etti, beneficiaries of the Trust Fund include among others micro-enterprises, small and medium enterprises, technology start-ups, employability and market stimulation business.

He further stated that the loan shall be disbursed bi-annually with percentage of allocation of the Trust Fund to each beneficiary.

The commissioner categorized the beneficiaries of the loan to include businesses operating within the state, sourced from micro-businesses across the various Local Government/ Local Council Development Areas, trade associations and other related business associations, registered cooperative groups or societies and referral from local governments and LCDAs.

The Speaker, Rt. Hon. Mudashiru Obasa further mandated the Acting Clerk of the House, Mr. Azeez Sanni to send a clean copy of the bill to the state governor, Mr. Akinwunmi Ambode for his assent.

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