The Lagos State Government says it will start to disburse N6.25bn as loan to interested unemployed youths in the state for small-scale businesses by September.
The government also warned beneficiaries to properly apply and follow instructions, adding that any mistake that made the government to pay them twice could lead to a jail term of two years.
The Lagos State Commissioner for Wealth Creation, Mr. Babatunde Durosinmi-Etti, spoke during the awareness programme on the Lagos State Employment Trust Fund, organised by the Office of Civic Engagement.
Durosinmi-Etti said, “The fund is part of the total of N25bn set aside to assist unemployed Lagosians to create wealth by setting up businesses of their own. The fund is for everybody, including artisans and traders.
“Lagos has a lot of unemployed youths, and that is why this ministry was set up to tackle the problem. Governor Akinwunmi Ambode has directed that the fund should be made accessible to everybody.
“Before the end of September, the fund will be available to those who apply for it. Interested individuals and groups should organise themselves to make the fund easily accessible.”
The Commissioner for Justice and Attorney-General, Mr. Adeniji Kazeem, said if anybody presented fake names or addresses, such person would be made to face the law.
The commissioner, who was represented by Mrs. Tola Akinsanya, said, “Anybody who also uses the loan for other purposes like wedding or any frivolous event would be dealt with.”
The Special Adviser to the Governor, Office of Civic Engagement, Mr. Kehinde Joseph, said the programme was to sensitise the state residents to the fund and how to access it.
He said, “The government is convinced that the fund will allow more people to participate in the economic growth of the state.”