Ambode signs N25bn Employment Trust Fund into law

Lagos State Governor Akinwunmi Ambode on Tuesday gave assent to the N25 billion Employment Trust Fund initiated by his administration to make funds available for youths with skills to begin and grow their businesses.

The aim of the initiative is to ensure that rather than roam the streets as job seekers, persons with skills are helped not only to employ themselves but also become employers of labour thereby contributing to further growing the GDP of Nigeria’s biggest economy state.

The signing of the trust fund comes a day after the governor, on Monday, also signed into effect the 2016 budget of N662.588 billion.

Ambode said the employment fund was a statement of his determination to address unemployment and promote wealth creation through entrepreneurial development.

The governor, who also signed the Lagos State University (LASU) bill into law, described the two bills as very significant and crucial to the realisation of his administration’s policy objectives.

He noted that the establishment of the employment trust fund was in line with keeping faith with the promise he made to the people during the electioneering campaign.

“One of our campaign promises was to establish an employment trust fund. Today, we are fulfilling that promise with the official signing of the bill establishing it.

“This bill will address the challenge of unemployment and promote wealth creation through entrepreneurial development. As I sign this bill today, an annual contribution of N6.25 billion will be injected into the fund by the state government for four years totalling N25 billion,” he said.

He also said a board of trustees made up of core professionals would be announced in due course to manage the fund, adding that more information on the operations of the fund would be unveiled in due course.

On the LASU bill, he said it was also a demonstration of his commitment to actualise the dream of the founding fathers of the institution, adding that he remained committed to raising the standard of academic excellence to a level comparable to other citadels of learning in the world.

While appreciating members of the Lagos State House of Assembly for the favourable consideration of the two bills and their speedy passage, the governor said the desire of his administration was to see LASU develop and churn out young professionals who would lead Nigeria to greater heights in the near future.

The gover, who also inaugurated a new board of the Lagos State Law Reform Commission, restated the commitment to deepen democracy and rule of law by carrying out periodic review of obsolete laws to bring them in tune with modern realities.

He said such periodic review was important especially to his administration in achieving the goal of creating an enabling environment for investors, entrepreneurs and making Lagos globally competitive.

He noted that modern and civilised societies thrive on the qualities of laws, which regulate and guide the actions of government, organisations, individuals and institutions, the governor charged members of the commission to hit the ground running.

“This is a major project which the new board has a responsibility to deliver in record time. It is very vital to the success of our drive to attract investors to our state,” he said.

The board is headed by Gbolahan Ellias with Omogbai Omo-Eboh, Demola Sadiq Tola Akinsanya and Ade Adeyemo, as members.

Ellias, who spoke on behalf of other members, thanked the governor for the confidence reposed in them and assured that they would do all within the confines of the law to executive the mandate fearlessly and conscientiously.