Reading Now – Lagos State Government Launches N5 Billion support Capital for Education Sector
Lagos State Government Launches N5 Billion support Capital for Education Sector
Lagos State Government in partnership with First Bank of Nigeria has launched N5 billion Post-Coronavirus (COVID-19) Recovery Support capital for the 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, Ikeja.
Lagos State Employment Trust Fund (LSETF) collaborated with First Bank of Nigeria Limited to facilitate the matching fund, which will be given as a loan to schools and vocational education centers across the State.
According to Sanwo-Olu, 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.
The loan program would help the targeted beneficiaries accelerate recovery and give them the opportunity of a painless return to regular life.
The loan scheme will be provided to two categories of applicants, which are Micro-Enterprise (ME) and Small and Medium Enterprise (SME). Those in the 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.