Politics
COVID-19: SANWO-OLU, FIRST BANK LAUNCH N5 BILLION SUPPORT CAPITAL FOR LOW-COST SCHOOLS
•Gov: ‘Intervention To Help Mitigate Effect Of Lockdown’
•LSETF, First Bank Float Education Loan Programme
Lagos State Government in partnership with First Bank of Nigeria Ltd has launched N5 billion Post-Coronavirus (COVID-19) Recovery Support capital for education sector to support low-cost private schools across the State in mitigating the negative impact of the pandemic.
The intervention fund, which targets over 2,000 private schools, was formally launched by Governor Babajide Sanwo-Olu on Friday at a ceremony held at the Banquet Hall in the State House, Alausa.
Lagos State Employment Trust Fund (LSETF) collaborated with First Bank of Nigeria Limited to facilitate the matching fund, which will be given as loan to schools and vocational education centres across the State.
Sanwo-Olu said the intervention was part of the State Government’s sustainable solutions to limit the socio-economic impact of the COVID-19 pandemic on both residents and businesses.
As the State gradually unlocks socio-economic activities, following the impact of the pandemic, the Governor said the loan programme would help the targeted beneficiaries accelerate recovery and give them opportunity of painless return to regular life.
He said: “It is no longer debatable that the education is one of the sectors that are severely impacted by the COVID-19 pandemic, with schools and vocational learning-centres shut since March when we took the tough decisions meant to disrupt the spread of the virus. Given the incidence of the closure of schools in response to the pandemic, it would not be out of context to note that the challenges presently faced by these schools would increase significantly.
“With access to low-cost funding for privately owned schools and vocational training centres in the state, we are confident that this programme will help accelerate sustainable and painless return to world-class learning and skills acquisition of our young population. As a responsible Government, we are obligated to provide intervention that would enable learners in these schools’ study in line with the new normal.”
Sanwo-Olu said the N5 billion Education Loan Programme was a precursor to many more human development sector-specific support programmes that would be unveiled by the LSETF on behalf of the State Government next month.
The Governor explained that the intervention was necessary, given the importance of education to building human capital. He said his administration took education as critical building 21st century economy and realising objectives set out in the T.H.E.M.E.S. agenda.
The beneficiaries, Sanwo-Olu said, will have access to single-digit loan facilities to fund the provision of the amenities and services needed to aid learning.
He said: “It is thus heart-warming to have First Bank of Nigeria electing to be our exemplary partner for this intervention. With their support, players in the education sector would be getting the financial support they need to boost learning at a single-digit interest rate.
“I also commend the Board of LSETF and the management for this significant accomplishment. They have helped the Lagos State Government build an institution that has engendered public trust and elevated the hope of small businesses and young people, irrespective of challenges faced.”
Chairperson, LSETF Board of Trustees, Mrs Bola Adesola, represented by Mrs. Tatiana Mousali-Nouri, said schools that have a minimum of 100 students and have been in operation for, at least, a year are the ones qualified for the loan facility.
She said: “We are confident that this intervention fund, which is complemented by our free professional and institutional support structures, will ensure that education ecosystem in Lagos witness an improvement in the overall learning outcomes for the children, while positively impacting on the local economy through wealth and job creation.”
First Bank’s Chief Executive Officer, Dr Adesola Adeduntan, said the Bank went into the partnership, having recognised the role played by education towards the growth of the economy.
He praised the State Government’s efforts towards suppressing the burden caused by the COVID-19 pandemic on the education, saying Lagos Government had scored another first.
Adeduntan said: “With the single-digit funding targeted at about 2,000 low-cost private schools in Lagos, we are delighted to demonstrate our commitment to the development of education in the State, thereby contributing our quota to realise the mandate of the State Government and LSETF on economic growth, opportunities for employment and bridging societal gaps in education.”
The loan scheme will be provided to two categories of applicants, which are Micro-Enterprise (ME) and Small and Medium Enterprise (SME). Those in ME category will receive a sum of not more than N500,000, while those in SME will get N5,000,000.
To apply for the loan facility, applicants are expected to submit their applications via the LSETF portal for screening. Details of the successful applicants will be passed on to First Bank for appraisal and disbursement.
Breaking: Speaker Obasa Debunks Allegation Of Spending N17b On Assembly Gate
The Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, on Thursday described the allegation that the House spent N17 billion on the fixing of a gate as spurious and funny.
A self-proclaimed group, Lagos State Anti-Corruption Coalition, had accused the Assembly of spending the amount to construct a gate. The group also sought investigation of the claim.
Speaking at plenary, Dr. Obasa said the allegation stemmed from the fear of some people over 2027 which is still more than two years away.
Obasa further debunked the claim that the House spent N200 million on its recently organised 22nd thanksgiving service for staff.
“It is so funny. How much is the allocation of the Assembly in the whole year that we will decide to spend N17 billion on a gate? They even claimed that we expended 200 million on thanksgiving that did not hold.
“We are aware that at a period like this when we are approaching elections in 2027, we should expect such things. I think some people are scared and I don’t know why.
“This House did not and has not embarked on any such project. We are not that reckless. We had our thanksgiving last Friday and dignitaries from various parts of the State attended it,” the Speaker said.
Addressing further claims by the group about the alleged relationship between him and the chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, the Speaker denied attending the latter’s screening and confirmation by the National Assembly.
“They said that I was at the National Assembly when they were confirming the EFCC chairman. I want to believe that there are CCTV cameras at the National Assembly to identify those who attended the event. The press must have written about it too. So the group should do more to confirm if I was there.
“This is just to deny the allegations in the interest of the public and not the writers because the writers are not those we should be joining words with,” the Speaker said.
Earlier, the House, through its spokesperson, Hon. Stephen Ogundipe, had addressed the allegations noting that the Assembly bases its activities on integrity, transparency and accountability.
“It is ludicrous the claim about constituency intervention funds and constituency project funds and their handling by Speaker Mudashiru Obasa and Clerk of the House, Barr. Olalekan Onafeko as claimed by the group.
“One would have expected a self-acclaimed anti-corruption crusading group to do its groundwork before jumping across the fence with conviction that it hit a jackpot to malign an institution of repute in the name of politics.
“Simply put, the Lagos State House of Assembly does not have any such funds. The Assembly does not embark on constituency projects. Instead, once every year, the House holds stakeholders’ meetings simultaneously across the state where constituents have the opportunity to tell the lawmakers their expectations and make requests for the betterment of the state.
“These requests and expectations are compiled and sent to the executive arm of government for consideration as inputs in subsequent budgets. If this is what the group takes as constituency intervention or project funds, we are sure this explanation has given the required education, moreover, it is common knowledge that it is the responsibility of the Executive arm to execute such projects,” the earlier statement by Ogundipe read.
Eromosele Ebhomele
Chief Press Secretary to the Speaker of the Lagos State House of Assembly.
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