By Olasunkanmi Akoni
Lagos—The Lagos State Government has said that a total of 6,462 residents with proven business ideas had so far benefitted from the N5.22 billion released through the Employment Trust Fund in the last one year.
The ETF is an initiative of the present administration in the state through which N25 billion has been earmarked to be disbursed over a period of four years, to provide entrepreneurs, artisans, traders and others, with capital to boost their businesses, thereby reducing unemployment and increasing wealth among the people.
Commissioner for Wealth Creation and Employment, Mrs. Uzamat Akinbile-Yussuf, who disclosed this yesterday, at the annual Ministerial Press Briefing to mark the third anniversary of Governor Akinwunmi Ambode’s administration in Alausa, Ikeja, said the fund was designed to grow the economy of the state and create jobs through provision of credit facilities with minimal interest.
She said the amount so far disbursed constituted a huge part of the total N5.98 billion approved for 8,229 beneficiaries since it began disbursement in 2017.
She said in the period under review, the board of ETF approved loans totaling N627,053,826.15 for 643 beneficiaries under the batch four of the scheme, while in batches five, six, seven and eight, N924,696,671.00, N979,704,570.31, N443,859,457.60 and N1,013,485,058.69 were respectively disbursed to 5, 813 beneficiaries.