Press Releases

Fashola Signs Micro-Finance Institution Law, Blasts Critics

Feb 5, 2008 - Lagos State Governor, Mr. Babatunde Fashola (SAN), Tuesday signed into law a bill establishing the State’s Micro-Finance institution just as he lambasted critics of his administration referring to them as cynics.

The bill, titled Lagos State Micro-Finance Institution Law, is the sixth bill signed into law by the Governor since the inception of the administration in May last year.

At the short signing ceremony, Fashola said the Law represented a major milestone in the determination of his administration to rescue millions of Lagosians from the trap of poverty, adding that it would enable government to use micro finance to empower millions of indigent persons to set up new businesses and expand existing ones.

The Governor who described the job creation and wealth generation potentials of the initiative as phenomenal, said, “With the signing into law of this Bill, we are taking another step forward in divorcing our beloved state from any humiliating union with poverty”.

Turning to critics of his administration, some of whom he said have wondered if the targets set in the 2008 budget would be met, Fashola declared, “such views represent an under estimation of our passion for change and the intensity of our determination to fulfill our pledge of elevating Lagos to the next pedestal of excellence”.

Fashola, who recalled that he signed the Year 2008 Appropriation Bill last week, described the insinuations at some quarters that the standards set by the budget were too rigorous to meet as unserious adding that such insinuations came from “cynics not from critics”.

“In my view, it is a belated attempt to seek relevance”, The Governor said, recalling that he submitted the budget since 17th December, 2007.

“Did they send inputs to the House? Did they criticize while the House was deliberating? Did they suggest changes?”, the Governor queried, adding that the fact that the cynics did not do any of these showed clearly that they were bereft of ideas.

“We are a government of ideas and we are not afraid to pursue our dreams. Only those who dream can plan, only those who plan can succeed”, he said, adding that the government would not be distracted by “idle parasites who disguise themselves as politicians”.

Expressing the determination of the government to exceed last year’s achievement both in terms of revenue generation and budget performance, Fashola said the budget performance was being monitored on a weekly basis while new strategies were being devised to enable the administration meet set targets.

He recalled that the Heads of all project executing Ministries held a retreat at the Akodo Beach Resort with the State Tenders Board to plan and obtain all necessary approvals for projects to be executed this year, pointing out that this was to enable the government effectively utilize the dry season to do substantial work before the onset of the rains.

“Let me repeat that we are not intimidated by the lofty goals we have set for ourselves. We believe that we have the capacity to deliver and we will”, the Governor said.

He commended the State House of Assembly for the seriousness of purpose with which they passed the laws saying it indicated the fact that the legislative arm shares the vision and passion to serve the electorate to achieve the goals of the administration.