November 24, 2014 – Lagos State Governor, Mr. Babatunde Fashola today forwarded a request to the Lagos State House of Assembly requesting to access the sum of N 2billion from the Central Bank of Nigeria.
Fashola Requests Permission to Access N2bn SME Intervention Fund from CBN
The Federal Government had approved the sum of N220 billion SMEs development fund domiciled in the Central Bank of Nigeria(CBN) to be accessed by state governments.
While reading the request on the floor of the house, Clerk of the House said that the money requested is an Intervention fund and that states are allowed direct access through appeal to Central Bank of Nigeria (CBN).
He said the money is for on-lending to Small and Medium Scale Enterprises ( SMEs).
In the request, the governor said he is applying for the fund in view of inherent benefit for poverty alleviation.
According to him, the fund will provide a quasi-safety net for the vulnerable and assist the state micro finance institution.
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He said he loan comes at low interest for SMEs to enhance access to SMEs and that it has potentials to increase employment and wealth creation and engender inclusive growth.
He explained that the state is required to operate a sinking fund with CBN where it will pay the money at the expiration of the loan. Other request include proposal for law to establish Ibile holdings and call on President Goodluck Jonathan to investigate invasion of APC data capture centre by Department of State Security Service (DSS).
The DSS had said it invaded the premises and that the APC was cloning INEC permanent Voter Card (PVC) in the premises.
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