The Lagos State Governor, Akinwunmi Ambode has revealed that a total of N16.9billion was released as payment of pension arrears to pensioners between April 2016 and March 2017. He also disclosed that N2billion was disbursed to young entrepreneurs and artisans under the N25billion Employment Trust Fund, ETF, scheme.
Ambode said on Thursday at the commissioning of ultra-modern headquarters of Providus Bank in Lagos, that his administration has maintained a consistent programme of actively reflating the economy through massive expenditure in infrastructural development.
He expressed delight at the fact that the consistent investment of the State Government in critical sectors contributed to the resurgence of the economy.
He said his administration was relentless in its commitment to providing a conducive, safe and secure enabling environment for businesses to thrive.
“We have maintained a consistent programme of actively reflating the economy through massive expenditure in infrastructural development and engaging competent local contractors who in turn employ our people.
“Our Employment Trust Fund has disbursed almost N2billion in the last quarter to young entrepreneurs and artisans. We have released N16.9billion for payment of arrears to pensioners in the State between April 2016 and March 2017.
“Our Light Up Lagos initiative has given traders and artisans extended time to carry out their businesses as we move towards our 24/7 economy. With these actions, we energized the economy and ensured that commercial activities continued in the State,” he said.
Ambode also called for a convergence in the foreign exchange rates as well as deliberate strategy to force down the inflation to a single digit and reduce interest rates.
He commended President Muhammadu Buhari over the Economic Recovery and Growth Plan, ERGP, recently released by the Federal Government.
He said the economic blueprint would go a long way in charting the course for the economic recovery and growth desired by all.