Gov. Akinwunmi Ambode of Lagos state has sent the Lagos State University (LASU) 2015 Amendment Bill to the State House of Assembly for ratification.
According to a statement signed by the Commissioner for Information and Strategy, Mr Steve Ayorinde, on Saturday, the bill proposes a single term of five years for the Vice-Chancellor of the institution.
Ayorinde said the governor also sent the Employment Trust Fund Bill 2015 to the Assembly for consideration and ratification.
He said the bill aims to radically transform employment creation in the state with N25 billion proposed to be spent over four years as a support scheme for young entrepreneurs and small businesses.
He said that the two bills were sent to the House as Executive Bills.
Ayorinde said the draft of the bills had earlier been approved by the State Executive Council during its meeting on Wednesday.
Ayorinde said the LASU Amendment Bill 2015 is meant to serve as an improvement over the two previous amendments in 1990 and 1992.
He said it was done with the aim of finding a lasting solution to the challenges that had plagued the state-owned institution in recent years.
According to him, the bill is proposing to amend certain sections of the law to meet current realities in line with best practices.
“It seeks to review the exercise of general supervision over discipline in the university imposed on the Vice-Chancellor and to propose a single term of five years for the institution’s Vice-Chancellor,” he said.
The bill also seeks an amendment that would make the appointment of the Pro-Chancellor and Chairman of the Governing Council the prerogative of the Visitor in line with standard practice.
“It seeks an amendment to Section 36(1) and (2) of the Law, which deals with admission policy to place the responsibility of determining the minimum admission requirement on the Senate of the university,” he said.
He said the Employment Trust Fund Bill, is in fulfillment of one of the campaign promises of Ambode, aimed to inject N25 billion into job creation and employment opportunities over a period of four years.
“The fund will be administered as soft loans to bonafide residents of the state that desire facilities ranging from N100, 000 to N1 million or more, as the case may be,” he said.
Ayorinde said the bill seeks the establishment of the fund to be modelled after the state’s Security Trust Fund.
“Which means it will be funded through joint contributions from the state government and the private sector.
“The fund will be administered through an independent trust backed by an efficient structure that will disburse the funds,” he said.
Ayorinde said that the Ministry of Wealth Creation and Employment would oversee the affairs of the scheme, while the funds would be channelled through the state’s micro finance institution.
Beneficiaries, he said, would be selected across the five divisions in the state including Lagos Island, Ikeja, Badagry, Epe and Ikorodu in order to allow residents in every part of the state enjoy the scheme.
“Just about one per cent interest rate will be charged on the loan to take care of administrative expenses.
“The state government’s desire is to allow enterprising residents, who do not have access to loans or other forms of finance enjoy repayable soft loans, to establish a business venture or rescue a struggling small concern,” he said.
Ayorinde said the state government was keen about start-up businesses because every beneficiary would be able to employ a few other persons, thereby taking several thousands of people off the streets.
He said that the state government would also set up Business Support Centres to assist and monitor progress in the beneficiaries’ various businesses.
Ayorinde said that about N6.3 billion would be required for the scheme every year.
According to him, half of what is needed for its implementation for the first year has already been set aside. (NAN)
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