By Olasunkanmi Akoni & Ebun Sessou

Lagos—Members of the Lagos State House of Assembly, yesterday, passed the Lagos State Employment Trust Fund bill 2016 for Governor Akinwunmi Ambode’s consideration into law.

The bill, after much deliberations and amendments by the members, the Speaker, Rt. Hon. Mudashiru Obasa directed   the Acting Clerk of the House, Mr. Azeez Sanni to send a clean copy of the bill to Governor Ambode for his assent into law.

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 organised 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, during the meeting, the beneficiaries of the Trust Fund include among others; Micro-Enterprises, Small and Medium Enterprises, tech start-ups, employability and market stimulation business.

He further stated that the loan shall be disbursed bi-annually and there is 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, and may also be sourced from micro-businesses in groups or clusters across the various Local Government Areas/ Local Council Development Areas; trade associations and other related business associations, registered cooperative groups or  socities; and referral from LGAs/LCDAs.