Abiru to unveil N300m Constituency Intervention Revolving Loan Scheme in April


The Senator representing Lagos East Senatorial District at the upper chamber, Tokunbo Abiru has disclosed that he would formally unveil N300 million Constituency Intervention Revolving Loan Scheme in April 2022.

Abiru spoke on Saturday at a media briefing with editors in Ikorodu area of Lagos to present his account of stewardship in the last 14 months.

He said the loan scheme is under the Tokunbo Abiru Constituency Team Foundation (TACT Foundation).

The lawmaker disclosed that he had earlier announced a N100 million Constituency Intervention Revolving Loan at a very low concessional 6% interest rate per annum.

He explained that this would be topped by an additional N100 million from the Bank of Industry (BOI) and that the Lagos State Employment Trust Fund (LSETF) has also graciously pledged to add N100 million, totaling N300 million.

“The N300Million Constituency Intervention Revolving Loan Scheme will be unveiled next month, April for the benefit of MSMEs, Artisans, and tradesmen in Lagos East,” Abiru said.

Abiru added that through TACT Foundation, he had in October 2021, given out bursaries to 600 brilliant but indigent students in the senatorial district through an endowment instituted.

He said in a deliberate move at spreading prosperity across the Lagos East Senatorial District, his office in partnership with The Fate Foundation and Chartered Standard Foundation organized a Business Workshop/Clinic for 1,000 MSMEs across the Senatorial district.

“The training which attracted Executive Leadership of business-related regulatory agencies and partners like; BOI, SMEDAN, CAC, LIRS, NAFDAC, and LSETF greatly enhanced the capacity of MSMEs in the district.

“In addressing the dearth of knowledge which is one of the major reasons why MSMEs fail, a knowledge pack containing seven valuable books covering areas like; Financial Management, Human Capital, Legal, Strategy, Marketing and Communication, Digital Technology and Tax Management authored by reputable corporations including Deloitte, KPMG, Verraki among others were given free of charge to all trainees. Participants also received Enterprise Development Certificates after the training,” he said.

The lawmaker stated that he had set up a Community Innovation Space, known as Senator Abiru Innovation Lab (SAIL) in partnership with renowned technology and Social Enterprise company.

“The Co-creation Hub (Cc-HUB) in Lagos to train youths in the senatorial district on relevant digital and innovation skills, and build the best entrepreneurs that can compete in the ever-dynamic global economy.

“The Centre is currently situated in Ikorodu within our district, starting from the constituency office but planning to move into a bigger facility by July 2022. Five (5) pilot programmes have been put together with a view to proffering solutions to some of the challenges identified and many of our youths have started applying for opportunities to participate in the programmes.

“Over 4,000 young people across the Lagos East Senatorial District applied for the SAIL programmes. Currently, over 150 students are participating in the Five (5) Pilot Programmes at the SAIL Centre in Ikorodu while over One Thousand (1000) eligible applicants will be trained online,” he said.

In addition, Abiru said for this year, through collaboration with the leadership of the Senate, the National Assembly, Ministries, Departments, Parastatals, and Agencies, his office was determined to facilitate people-oriented projects in other LGAs/LCDAs in the areas of health, education and other required infrastructure.

” I have been able to facilitate projects worth over 1 Billion Naira in key areas for our constituency in the 2022 Appropriation Act. I will be the first to admit that the economic and security challenges facing the county are daunting.

“Indeed, at no time in our recent past has the nation’s economy, well-being, peace and unity been so vigorously and persistently challenged. I however urge you not to despair but to remain hopeful. I believe that as we work conscientiously and openly, and together with unity of purpose and solidarity and with God on our side, we shall overcome all these challenges facing us,” told the people in his senatorial district.

According to the lawmaker, the next few months are time to strive to be better people and to also leverage on the lessons of the preceding months.

“Importantly it is not a time to be wasteful or careless about our economic activities, rather a time to harness every economic growth that the realities of the past years have thrown in our hands.

“As we also know that 2022 is the penultimate year to the general elections of 2023, it is important to begin to assess our individual aspirations towards ensuring that Nigeria becomes a better place and this can only be achieved by ensuring that we all get registered as eligible voters and prepare to exercise our civic responsibilities without fears,” he admonished.

Abiru further said the primary function of a lawmaker is to make laws and that the expansion of government services and functions has contributed to an endless procession of ideas for laws.

He said during his campaigns and at the commencement of his tenure in the Senate, he set a legislative agenda highlighting his core legislative interests.

“The Bills and motions in focus for my legislative tenure which are already before the Senate for consideration and passage include the following 12 Bills and four motions.

Comments are closed, but trackbacks and pingbacks are open.