To play its role in financing the development and promotion of sports, sporting activities and facilities in the state, the Lagos State Sports Trust Fund (LSSTF) has said that it is committed to achieving a minimum of N10 billion of raised funds in five years using the Public Private Partnership (PPP) model.
This is even as the trust fund said its goal is to secure commercial revenues that will limit government funding to 10 per cent or less.
Speaking at the briefing with newsmen in Lagos, Chairman, LSSTF, Otunba Olufemi Pedro, noted that in line with its mission, which is to raise and manage funds for the sustainable development and promotion of sports in Lagos, the funding of sports development should not be left alone for the government to shoulder.
Otunba Pedro further noted that sports trust funds have been tested successfully in many nations with well developed sports facilities and infrastructure and successful athletes’ development. He added that the Lagos State government has already started to provide ample support for the organisation in form of take-off grant, staffing and facility support at take-off, funding for sports facilities and other funding support as at when necessary.
According to him, the law establishing the LSSTF mandates that 10 per cent of funds generated by the State Lottery Board be paid annually to the trust fund and 1 per cent of Internally Generated Revenue (IGR) of local governments in the state be paid to the trust fund, which represents the public sector part of the PPP model. He said, “beginning from 2020 and for the next five years, using the ‘power of 10’ principle, we are committed to achieve a minimum of N10 billion of raised funds in five years. We are also committed to ensuring that no less than 10 million Lagosians participate actively in sports.
“We plan to deliver at least 10 infrastructure projects annually, develop 10 athletes each from 10 different sports from grassroots to podium and train 10 coaches each in sports annually.”