The Lagos State Government, in partnership with First Bank of Nigeria Ltd, has launched N5 bn Post – Coronavirus Recovery Support capital for the education sector to support low – cost privatVe schools across the state in mitigating the negative impact of the pandemic .
According to a statement by the governor ’ s Chief Press Secretary , Gboyega Akosile , the intervention fund , which targets over 2 , 000 private schools , was formally launched by Governor Babajide Sanwo- Olu on Friday held at the Banquet Hall in the State House , Alausa .
The statement said the loan scheme would be provided to two categories of applicants: Micro – Enterprise and Small and Medium Enterprise, adding that those in the ME category would receive a sum of no more than N 500 ,000 , while those in SME would get N5 m .
The Lagos State Employment Trust Fund collaborated with First Bank to facilitate the matching fund , which will be given as loans to schools and vocational education centres across the state .
Sanwo- Olu stated that 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 .