COVID-19: Lagos earmarks N1bn bailout for hospitality sector

Lagos State government on Wednesday said it has earmarked N1 billion grant to the hospitality industry in the state as part of COVID-19 bailout for the sector.

Governor Babajide Sanwo-Olu disclosed this during the 6th edition of the Lagos State Corporate Assembly, tagged “BOS Meets Business” held simultaneously at the two banquet halls at the Lagos House, Alausa, Ikeja, saying the fund would be accessed through the Lagos State Employment Trust Fund, (LSETF).

Members of the Organised Private Sector (OPS), including the Manufacturers Association of Nigeria (MAN), the Lagos Chambers of Commerce and Industry and its national counterpart, NACCIMA, SMEDAN and Nigeria Employers Consultative Association, were represented at the meeting which was also attended by the State Deputy Governor, Dr Kadir Obafemi Hamzat, and other top government officials.

The governor, while responding to requests made by members of the business community, listed measures already being implemented to ensure a business-friendly environment.

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According to him, they include waivers of penalties on annual tax remittance, tax returns on COVID-19 donations and the signing of a new Land Use Charge Law with a 48 per cent reduction in the 2018 payment of the charge.

Governor Sanwo-Olu revealed that the state was also collaborating with the Central Bank of Nigeria (CBN) for additional monetary support for members of the OPS, pledging his administration’s commitment to improving a lot of all business entity, including the micro, small and medium enterprises.

He also assured members of the OPS that a list of approved taxes would be published on the state’s website to resolve the issue of multiple taxations.

While welcoming participants, the Commissioner for Commerce Industry and Cooperatives, Hon. Lola Akande explained that all the issues raised during previous meetings had been resolved by the relevant government ministries and agencies.

Representatives of the Organised Private Sector (OPS), who attended the interactive meeting which was the first to be held by the Sanwo-Olu administration, commended the state government for continuing with the meeting.

 

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