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LSETF HAS SUPPORTED OVER 40,000 STARTUPS WITH ACCESS TO FINANCE – SANWO-OLU

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Lagos State Governor Babajide Sanwo-Olu and others
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LSETF HAS SUPPORTED OVER 40,000 STARTUPS WITH ACCESS TO FINANCE – SANWO-OLU

…Says Tech Firms Have Received Millions Of Grants From State Science And Research Council

…As First Lady Hosts First Lagos Inter-Youth Collaboration

Lagos State Governor, Mr Babajide Sanwo-Olu on Tuesday disclosed that the Lagos State Employment Trust Fund (LSETF) has so far supported over 40,000 startups with access to finance which in turn has created jobs and contributed to the bid to ensure an enabling environment for businesses, especially budding entrepreneurs to thrive.

The Governor spoke at the maiden edition of the Lagos Inter-Youth Collaboration organized by the Office of the First Lady of Lagos State, held at LTV Blue Roof, Agidingbi, Ikeja, with the theme: “Youths and Moral Values in an Evolving Society: Challenges and Recommendations.”

The programme, according to a statement signed by the Assistant Director, Public Affairs, Office of the Lagos State First Lady, Mrs Olubukonla Nwonah, was designed to expose over 1,000 participants drawn from 100 youth groups both from formal and informal sectors as well as paramilitary institutions across the state to the various intervention programmes of the state government specifically targeted at the youth.

Mr Governor said: “The LSETF is also here. If my calculation is not wrong, they have intervened in over 40,000 start-ups. They have given some people soft loans; they have given some people grants directly; they have given other businesses development plans so that they can indeed develop their businesses to full fruition.

“They have been on for a couple of years and every year, they are doing lots and lots of great things. The programmes are available irrespective of who you are, where you are from or who you know, as long as you are a resident of Lagos.”

The Governor, who also spoke on activities of the Lagos State Science and Research Council, said in the last two years, grants worth millions of naira have been given to various tech firms through the council to support them to grow and build on their innovations.

“The council, headed by the VC of UNILAG, reviews a lot of tech start-up businesses that we have and once they see some of them, they pass them; they give them grants. In the last two years, they have given grants of N10million, N20million, N5million, and N2million to different categories of individuals.

“Our youth need to take advantage of these programmes. See how you can partake and how you can be part of it because it is published everywhere before they get entries. We have been doing it for the past two years and there is another one coming before the end of the year again,” Sanwo-Olu said.

He commended the Office of the First Lady for putting the programme together, saying it would go a long way to build conversations around various initiatives of the government for young people.

In her opening remarks, the First Lady, Dr Ibijoke Sanwo-Olu said the Inter-Youth Collaboration was aimed at sensitizing youths on the inculcation of moral values which were gradually being eroded in today’s society, as well as how they can take advantage of intervention programmes of government for the youth.

“Our objectives, among others, are to encourage youth participation in Nation-building, create awareness on civic rights and responsibilities, provide access to opportunities profitable for youths, enlightenment of the youths about the activities of the state government, and re-orientation,” she said.

At the programme, key government MDAs including Ministries of Agriculture, Education, Finance, Wealth Creation and Employment, Youth and Social Development, Science and Technology, Health Management Agency, and Office of Sustainable Development Goals and Investment were on hand to educate participants on programmes of government including Bursaries and scholarship opportunities, low-interest loan packages of the Lagos State Employment Trust Fund, innovation funds, among others.

Representatives of the Independent National Electoral Commission (INEC) were equally on ground to enlighten participants on how to participate in the voting process, while various prizes including laptops, phones, cash rewards and other gift items were won through raffle draws personally supervised by Mr Governor and the First Lady.

The highpoint of the programme was special appearances by Nigerian star actress and producer, Funke Akindele-Bello (Jenifer); as well as hip hop musicians – Humblesmith and CDQ.

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Lakurawa Terrorists, Not Bandits Responsible For Zamfara Explosion — Police

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The state’s police commissioner says members of the dreaded group were seen around the scene of the incident shortly before the explosion.

The police have fingered newly formed terror group Lakurawa as the mastermind of an explosion that occurred along the Dansadau-Gusau Road in the Maru Local Government Area of Zamfara State on Wednesday.

“This Lakurawa (group) when they were dislodged by the Army in Sokoto and Kebbi, the rest of them that survived the military onslaught were trying to find new enclaves,” the state’s police commissioner Muhammed Dalijan said on Channels Television’s Sunrise Daily breakfast programme on Thursday.

“As they were passing that village to Birnin-Gwari forest, they planted a bomb under a bridge. Then a motorist was passing and step on it. It exploded and killed the driver and three other people were seriously injured.”

The police commissioner said members of the dreaded insurgent group were seen around the scene of the incident shortly before the explosion.

Dalijan said planting of explosive devices was a new development in the North-West state. He said though Zamfara has had a long battle with deadly bandits, they don’t have the capacity to plant explosive devices.

“They were seen passing through a village and as we were getting reports, trying to get ourselves prepared to pursue them, this (explosion) happened. So, we are sure that they were the ones that planted the bomb.

“The bandits here (in Zamfara) don’t use bombs because they don’t know how to make it; they don’t know how to improvise explosive devices. So, we are 100% sure that they (Lakurawa) are the ones because planting bombs in Zamfara State is a new development and bandits don’t have that capacity,” he said.

Zamfara, located in North-West Nigeria, has become the “hub of banditry” in Nigeria, as described by Governor Dauda Lawal.

The governor said the marauding bandits whose kidnapping-for-ransom trade is booming in the state can be strangulated in two weeks with the right political will.

Meanwhile, military authorities have vowed to eliminate Lakurawa insurgents and other terror groups like Boko Haram and the Islamic State West Africa Province (ISWAP).

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Senate Sets Up Committee To Review Tax Reform Bills With AGF

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The Senate on Wednesday set up a committee to to review the controversial Tax Reform Bills that are before the National Assembly.

The Committee which is headed by Minority Leader, Senator Abba Moro (PDP, Benue South) will meet with the Attorney General of the Federation, Lateef Fagbemi, to address grey areas in the bills and revert to Senate before public hearing.

The Deputy Senate President Barau Jibrin disclosed this during plenary on Wednesday.

Barau, who presided over the session, said that the executive arm of the government agreed with the Senate that there is need to resolve all the issues causing disagreements in the bills.

Barau said, “We decided to put politics, ethnicity, regionalism aside to sit among ourselves in order to find a way forward in respect to issues affecting the tax reform bills. It is on this note that we extended our view to the executive arm of government, and it was agreed that there should be a forum to sit down to look at the areas that are creating disagreements in order to resolve them so that the entire country will remain united in our efforts to solve our problems.

“Before the introduction of these bills, we know we have been faced with several problems; insecurity that we and the president have been trying to solve, issues about our economy which is in line with global economic problems. And we also agreed that we shouldn’t allow any other to come in to aggravate the problems of our country.

“It is on this note that it has been agreed by the executive and by us that there should be a forum that should sit with the Attorney General of the Federation so that we can sit and look at all the areas of disagreement and resolve them for the interest of this nation.

“It is therefore proposed that tomorrow there will be a meeting with the committee that will be set here to sit down with the Attorney General to look at those issues and resolve them. It is on this note that the Committee on Finance that the bills have been referred to halt action with public hearing and other issues until we resolve those issues.”

President Bola Ahmed Tinubu had on October 3, 2024, forwarded four tax reform bills to the National Assembly.

The proposed Tax Reform Bills have generated a lot of controversies since its introduction at the National Assembly, meeting serious resistant especially from the Northern part of the country.

Following the controversies the bills have generated, the National Economic Council had advised President Bola Tinubu to withdrawal the bills to allow for further consultations, but he had refused and said that the bills should go through the necessary legislative processes.

Last week, the bills were passed at the Senate for second reading through voice votes.

The proposed legislation seeks to harmonize, coordinate, and resolve disputes arising from revenue administration in Nigeria.

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Gov Sanwo-Olu Signs Lagos Electricity Bill Into Law

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The Lagos State Electricity Law 2024 is a comprehensive plan of Governor Sanwo-Olu’s resolve to address longstanding challenges in the energy sector.

Lagos State Governor Babajide Sanwo-Olu has officially signed the Lagos Electricity Bill into law.

The ceremony which was carried out at Lagos House Alausa Ikeja, had in attendance the state deputy governor Kadri Hamzat, members of the State assembly, as well as the state executive council members.

Governor Sanwo-Olu commended the state House of Assembly for ensuring the speedy passage of the bill, stressing that the bill will change the socio-economic value of citizens in Lagos State.

He stated that the electricity bill has been in the works for some years, and now that is finally achieved as Lagosians can be sure of a steady power supply.

On his part, the state Commissioner for Energy and Mineral Resources, Biodun Ogunleye, said the electricity law signed will provide an additional grid for Lagos State, and also put an end to black out in the state.

“There will now be regular power supply. Host community development Trust fund, which will provide opportunities for communities to develop power plant,” he said.

Ogunleye noted that the step taken by the government stands as a beacon of progress, that will ensure uninterrupted power supply in Lagos State.

The Lagos State Electricity Law 2024 is a comprehensive plan of Governor Sanwo-Olu’s resolve to address longstanding challenges in the energy sector.

The law will lay a robust foundation for economic growth, fostering industrial growth, improved quality of life, energy equity, economic prosperity, and environmental sustainability.

Among other things, the law seeks to establish a Lagos Electricity Market that is technically sound, financially viable, and well-regulated, ensure access to affordable, reliable, and sustainable electricity for all citizens.

It also helps to promote diverse energy sources, including renewable energy, and encourage energy efficiency, foster investment, competition, and innovation in the electricity sector and electrify underserved areas, contributing to the sustainable development of Lagos State.

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