.To launch cash token poverty alleviation policy
By Olasunkanmi Akoni
Lagos State Government has disclosed that 10,000 business owners affected by the wanton destruction of properties during the #EndSARS protest were given N939.98 million support fund to recover their losses.
Commissioner for Wealth Creation and Employment, Mrs. Yetunde Arobieke, disclosed this on Wednesday, during the ministerial press briefing to commemorate the second anniversary of the state Governor, Mr. Babajide Sanwo-Olu’s administration in office, held in Alausa, Ikeja.
According to Arobieke:”The MSME Recovery Fund was set up to support businesses in Lagos State whose properties and assets were vandalized post #ENDSARS protest that rocked the nation in October 2020. With funding from both Lagos State Government, corporate organizations, and private individuals, businesses were supported with grant sums ranging from: ₦50,000 to ₦5,000,000 to beneficiaries to rebuild their businesses.”
She added, “1,835 total number of beneficiaries, N939.98 million (approximately. US$2.47million) total amount of money disbursed and 10,005 direct jobs and 40,020 indirect jobs saved.
“This was ministry possible through the unwavering support of the Governor of Lagos State, Mr. Babajide Sanwo-Olu in his pursuits to mitigate unemployment in Lagos State,
“I wish to re-affirm that the ministry will continue to strive for the actualization of its mandate.These efforts through our activities and its resultant achievements have earned us commendations within and even in the Diaspora.
Speaking on the Federal Government’s initiative on Conditional Cash Transfer, the commissioner said, “The State Government approved the establishment of the State Cash Transfer (LSCTU) for the implementation of the National Cash Transfer Programme.
She however, disclosed that the governor will soon launch Lagos initiative to be called ‘Cash Token Policy, to enhance financial capacity of indigents residents.
According to her, “We are starting our own humanitarian programme but it’s not going to be N20,000. We have evaluated what the Federal Government is doing but we believe it is not sustainable.”
“We are introducing Cash Token Policy soon, it will be a cash on the spot. The details will be revealed by the governor at the launch of the programme soon,” she said.