News: Lagos to Create 900,000 Jobs, Seals N47billion Bond Deal

The Lagos State Government says it will create 900,000 jobs over the next two years through its N25bn Employment Trust Fund.

A statement by Governor Akinwunmi Ambode’s Chief Press Secretary, Habib Aruna, on Friday, said 300,000 of the slots would be direct jobs while the remaining 600,000 would be indirect.

Some of the beneficiaries of the scheme got job offer letters on Friday.

The Executive Secretary of LSETF, Mr. Akin Oyebode, said the offer letters fulfilled one of the administration’s promises to set up a fund to drive the growth of micro, small and medium enterprises in the state.

He said out of those approved, 150 beneficiaries had collected their offer letters, while the process for approval for others in the pilot scheme was ongoing.

While disclosing details of the loan, Oyebode said the beneficiaries of the micro-enterprise pilot scheme were given loan approval ranging from N300,000 to N500,000, with an annual five per cent interest rate, which he said was the lowest anywhere in the country.

Meanwhile, in a bid to improve and provide more infrastructural facilities in the state, the Lagos State Government has announced the closing of its N47bn 16.5 per cent 2023 Series 1 Bond Issuance under the N500bn Third Debt Issuance Programme.

According to a statement by Governor Ambode’s Chief Press Secretary, Aruna, the signing ceremony was held at the Lagos House, Ikeja, on Friday.

The state government had recently registered a N500bn Third Debt Issuance Programme which attracted an A+ credit rating by Global Credit Ratings Co. and Agusto & Co.

Source: The Punch