Lagos State Governor Akinwumi Ambode yesterday disbursed about N1 billion to 705 beneficiaries of the Lagos State Employment Trust Fund (LSETF).
Ambode, who presented cheques to the beneficiaries at the Blue Roof, Lagos State Television, Agidingbi, said it was in fulfillment of his campaign promises of creating jobs for youths.
He said beneficiaries would receive cheques ranging from N50,000 to N5million to grow their businesses.
He praised the board for following a seamless and unbiased process.
“The idea is that for every N1million we disburse, we should create a minimum of five jobs.
“These loans have been provided at a very affordable rate of five per cent per annum.
“This is our modest way of reflating the state’s economy, creating jobs and getting our youths gainfully occupied.
LSETF Chairman Mrs Ifueko Omoigui-Okauru said beneficiaries were selected from various entrepreneurship bodies looking for funds to grow their businesses.
A beneficiary, Miss Adetola Akintoye, who received N5million hailed the government for the gesture.
Another beneficiary, Mr. Paul Fregene said:“I was surprised when they called me for an interview and subsequently I received a text to come for the cheque.”